New for old definition

New for old cover: Again, this means that no deductions are made in respect of wear and tear, deprecation, etc. This term is more generally used with household and marine hull policies.
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New for old condition means:
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New for old means (continued):
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Examples of New for old in a sentence

  • New for old – where a product is to be replaced, it will be replaced with an equivalent or superior new product.

  • The scheme offers:▪ Low minimum sums Insured▪ Facilities to pay weekly or monthly through local post offices or banks▪ Nil excess▪ New for old cover▪ Tenants liability CoverSince the scheme was launched we have received 141 enquiries and 75 successful applications.

  • New for old – where a product is to be replaced, it will be replaced with an equivalent or superior new product.Cash payment – where a product replacement is not viable, a cash payment equivalent to the purchase price will be made to you.

  • New for old is not offered, and policies do not include any extras such as third party liability.

  • Enrollment in 15 hours per semester leads to completion of 120 hours (andpossible graduation) in four years.

  • New for old policiesMany insurance companies offer a new for old policy.

  • The key benefits of the scheme include: No discrimination between high and low risk postcodes (no ‘blighted’ postcodes) Low cost of insurance No annual contract Zero excess New for old cover No bank account required Increased financial inclusion for tenants on low income 2.3 In Leeds the scheme is fully delegated to the landlord; i.e. Leeds City Council.

  • New for old cover option for valuable items Additional cover is available for luggage and personal effects by specifying individual itemsand paying an additional premium when you buyyour policy.

  • New for old replacement Royal & Sun Alliance Insurance plc will replace your wheelchair with a new model if it is stolen (and not recovered), or if it is so seriously damaged in an accident that repairs would cost more than 60% of the list price of a new wheelchair of similar make and model.

  • The assets were insured 'New for old' and were replaced by the insurance company with new machines that cost ₹ 20,00,000.


More Definitions of New for old

New for old. The concept of ‘New for Old’ cover is sometimes misunderstood and there is often the view that it leads to higher claims settlements. However, it may not be to the extent you might think. The insurer only pays for a new replacement item if the original is a total loss. If an item is damaged and can be economi- cally repaired insurers will choose that option which is no different from how Indemnity insurance works. Even in the event of a total loss, if specialist items are involved such as works of art or antique items(in other words items which cannot be replaced like for like) then whether the cover is arranged on an Indemnity or New for Old basis is irrelevant. Consider, for example, an original oil painting. The difference is, however, that customers are accustomed to seeing ‘New for Old’ cover on their Household insurance policies and they have come to expect it and want it. On a New for Old basis the customer has to provide a new replacement value instead of a second hand or indemnity value when effecting the insurance. This means the sum insured is naturally higher which generates additional premium and, consequently, more income for you. Importantly, the cover is what the consumer wants. • The customer – they getter better quality insurance protection • The business – • you are less likely to have complaints and disputes due to reductions in the expected claims settlements to reflect age and wear and tear. The customer won’t take into account the basis of cover. They will just be unhappy and complain. • You improve your insurance related income
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New for old means that your insurer will replace your lost or damaged belongings with new items of the same type and quality as the originals, or they will pay you the amount it would cost them to replace the items.
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New for old replacement value for lost or damaged goods.
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Related to New for old

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