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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

  • COVER - Section 5 New for Old Replacement Following an Insured Event, if the total cost of the repairs to the Insured Item(s) is (are) likely to exceed 60% of the list price of a new Item(s) of a similar make and model, a new Item(s) will be provided instead of repairs, or the Insurer may (at its option) offer a cash settlement representing the discounted price for which a replacement Item(s) of similar make and model can be obtained.

  • If Your schedule shows that You have selected New for Old cover then, following insured damage, claims will be settled on the following basis: If the Holiday Park Home is lost or damaged beyond economical repair, We will pay the full cost of replacement without any deduction for age, wear, tear or depreciation.

  • New for Old If Your schedule shows that You have selected claims settlement on a New for Old basis the following applies to Your policy:If the Home is lost or damaged beyond economical repair, We will settle on a New for Old basis.

  • The Maximum Claim Limit for Your Static Caravan should equal its current Market Value unless We have agreed to provide New for Old replacement cover.

  • Settlement of Home and Contents claims We will not pay more in total than the sum insured for section 1 Home and Contents shown in Your policy schedule adjusted by index linking if Your schedule shows that you have selected claim settlement on a New for Old basis for any one claim under causes A-G, L, Q.

  • New for OldIf Your Schedule shows that You have selected claims settlement on a New for Old basis the following applies to Your Policy: If the Home is lost or damaged beyond economical repair, We will settle on a New for Old basis.Alternatively, should a cash settlement be required We will arrange a cash settlement based on the current Market Value at the time of the loss.

  • COVER - New for Old Replacement Following an Insured Event, if the total cost of the repairs to the Insured Item(s) is (are) likely to exceed 60% of the list price of a new Item(s) of a similar make and model, a new Item(s) will be provided instead of repairs, or the Insurer may (at its option) offer a cash settlement representing the discounted price for which a replacement Item(s) of similar make and model can be obtained.

  • Subject to the policy being on a New for Old basis, the television will be replaced with a new television.

  • If Your Caravan is less than 5 years old at the commencement of the Period of Insurance We will, following a total loss, replace Your Caravan and any Equipment, which is less than 5 years old, on a New for Old basis.

  • Settlement of Home and Contents ClaimsWe will not pay more in total than the sum insured for section 1 Home and Contents shown in Your Policy Schedule adjusted by index linking if Your Schedule shows that You have selected claim settlement on a New for Old basis for any one claim under causes A-G, L, Q.


More Definitions of New for Old

New for Old replacement value for lost or damaged goods.
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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. 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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Related to New for Old

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