Definition of new-for-old in English:

new-for-old

adverb

Insurance
  • In marine insurance: with regard to deducting that which an insurer is entitled to deduct on account of replacing old material with new when making repairs.

adjective

Insurance
  • 1In marine insurance: relating to or designating a type of deduction that an insurer is entitled to make on account of replacing old material with new when making repairs.

  • 2Relating to or designating a type of insurance policy which undertakes to meet the cost of replacing the insured article with a new item of similar type, without a deduction for wear and tear.

Origin

Late 18th century. From new + for + old.

Pronunciation

new-for-old

/ˌnjuːfəˈ(r)əʊld/