new for old
New for old is an 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.
new for old
New for old is an 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.
Additional Information
Modern marine policies, however, generally provide for the repairs without a deduction for depreciation.
