THIRD PARTY INSURANCE

Posted on July 20, 2013July 20, 2013

Protection of the Insured against liability for damage to or destruction of the bodies or property of others.

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← REMOTE CAUSE OF LOSS

LOSS OF SPECIE

Occurs where the insured property is so damaged that it ceases to be a thing of the kind insured; that is, it changes its specie. An example would be bags of cement which have been immersed in water.