What does New For Old mean? Read on to discover the definition & meaning of the term New For Old - to help you better understand the language used in insurance policies.
New For Old
A historic provision in marine insurance contracts stipulating that when repairs are made and new parts are supplied in place of old ones that have been lost or damaged, there is an agreed discount for depreciation. Modern marine policies, however, generally provide for the repairs without a deduction for depreciation.
We hope the you have a better understanding of the meaning of New For Old.