A shipload of cement has been damaged by water and has become concrete. According to general cargo insurance terms in Ocean Marine policies, this is considered?

In the context of Ocean Marine insurance, the situation described—where cement has been damaged by water and transformed into concrete—falls under the category of "loss of specie." This term refers to the loss of specific goods or commodities, especially those that are unique or high in value. In this case, the cement, originally intended for a particular purpose, has become unusable due to the damage inflicted by water.

The transformation of the cargo indicates that it has lost its original character and value, and therefore, the insurer would classify this as a type of loss that compromises the integrity of the cargo. Loss of specie is a pertinent concept here because it illustrates the principle that specific goods can become entirely worthless or structurally changed due to unforeseen circumstances during peril at sea, thus necessitating a claim under the terms of the marine insurance policy.

Understanding this concept helps clarify the nature of marine insurance coverage and the types of losses that are eligible for claims. In this scenario, the insurance would likely cover the loss due to the fact that the damage leads to a total or constructive loss of the item in question.