new-for-old. 1.Marine insurance. In adjusting a partial marine-insurance loss, the principle that old materials apply toward payment of the new, so that the old material’s value is deducted from the total repair expenses, and then from that balance one-third of the cost of repairs (one-third of the new materials for the old on the balance) is deducted and charged against the insured shipowner. — Also termed deduction for new. [Cases: Insurance 2244. C.J.S. Insurance § 1208.] 2. The principle that a party whose property has been damaged is entitled to recover only the amount necessary to restore the property to the condition it was in before the damage, instead of acquiring a new item to replace one that was old and depreciated. [Cases: Damages 103. C.J.S. Damages §§ 129, 142.]

[Blacks Law 8th]