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Glossary > N > "New-for-old" Definition

New-for-old

Insurance cover for property or equipment where an item lost or destroyed is replaced by the equivalent new item without deduction for age or wear and tear of the old item and regardless of price inflation.

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New-for-old - Insurance cover for property or equipment where an item lost or destroyed is replaced by the equivalent new item without deduction for age or wear and tear of the old item and regardless of price inflation.

New-for-old : insurance cover for property or equipment where an item lost or destroyed is replaced by the equivalent new item without deduction for age or wear and tear of the old item and regardless of price inflation.