SINCE 1828
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deduction new for old

noun
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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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Dictionary Entries Near deduction new for old

deduction

deduction new for old

deductive

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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 29 Jun. 2022.

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