WorldShare has a "Lost" button that appears on all all Received loans (including overdue items and those in any renewal status, even renewal denied). When you click the "Lost" button, the item moves to "RECEIVED_MISSING" in OCLC, which makes it much easier for the lending library to close the transaction once they receive the replacement payment for a lost item.

It would be helpful to have the ability to choose "Lost" on the OCLC record directly within ILLiad, in the OCLC ribbon alongside Complete/Receive/Not Received/Return/etc.