Definition of deduction new for old
: a subtraction made by a marine underwriter from the total cost of repairs in paying a claim under a hull-insurance policy to allow for the gain in excess of loss to the shipowner resulting from the new material installed during repairing
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“Deduction new for old.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/deduction%20new%20for%20old. Accessed 6 Mar. 2021.
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