new for ol

1 definition found

new for ol - Bouvier's Law Dictionary, Revised 6th Ed (1856) :

  NEW FOR OLD. A term used in the law of insurance in cases of adjustment of a 
  loss, when it has been but partial. In making such adjustment the rule is to 
  apply the old materials towards the payment of the new, by deducting the 
  value of them from the gross amount of the expenses for repairs, and to 
  allow the deduction of one-third new for old upon the balance. See 1 Cowen, 
  265; 4 Cowen, 245; 4 Ohio, 284; 7 Pick. 259; 14 Pick. 141.