One of the mysteries of the English language finally explained.
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.
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.
Late 18th century. From new + for + old.
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