Loss Of Specie

Summary of Loss Of Specie

In marine insurance usage, a transformation of merchandise as the result of external physical forces so as to deprive the goods of their original fundamental characteristics. For example, when a cargo of copper pipe is melted down as the result of a shipboard fire, the copper may still have value as scrap, but it has “lost specie,”i.e., lost its identity as pipe.

(Main Author: William J. Miller)