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

  • If the Insurer repairs, reinstates or replaces the Item(s), it will not be bound to do so exactly but only as circumstances permit and in a reasonably sufficient manner and will not expend more than the Market Value on any Item(s) (unless New for Old cover applies).

  • If The Insurer repairs, reinstates or replaces the Item(s), it will not be bound to do so exactly but only as circumstances permit and in a reasonably sufficient manner and will not expend more than the Market Value on any Item(s) (unless New for Old cover applies).

  • 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.

  • Food and beverages are not allowed in classroom spaces with interactive technology.

  • If the Insured person takes the option under their Motor Insurance Policy to have the Vehicle replaced New for Old following the agreed Total Loss of the Vehicle covered hereunder (the balance of the cover hereunder will on request be transferred to the replacement Vehicle).

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

  • 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 - Section 5 New for Old Replacement Following a total loss claim, 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.

  • 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.

  • 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.


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. New for Old insurance cover benefits • 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

  • Amended and Restated Registration Rights Agreement has the meaning set forth in the Recitals.

  • certificate of registration means registration with the CPSBC that allows the Participant to practice medicine in British Columbia, other than the certificate of registration which allowed the Participant to enrol in Postgraduate Medical Education;

  • Existing Registration Rights Agreement shall have the meaning given in the Recitals hereto.

  • Certificate of Limited Partnership means the Certificate of Limited Partnership of the Partnership filed with the Secretary of State of the State of Delaware as referenced in Section 2.1, as such Certificate of Limited Partnership may be amended, supplemented or restated from time to time.

  • Amended and Restated Bylaws means the Amended and Restated Bylaws of the Fund in effect at the time the Registration Statement relating to the Preferred Shares is declared effective by the Securities and Exchange Commission, specifying the powers, preferences and rights of the Preferred Shares.

  • Registration Rights Agreement means the Registration Rights Agreement, dated the date hereof, among the Company and the Purchasers, in the form of Exhibit B attached hereto.

  • Amendment No. 1 Effective Date has the meaning specified in Amendment No. 1.

  • Registration Agreement means the Exchange and Registration Rights Agreement dated February 18, 2003 between the Company and the Initial Purchasers relating to the Securities and (b) any other similar Exchange and Registration Rights Agreement relating to Additional Securities.

  • Minister for Mines means the Minister in the Government of the State for the time being responsible for the administration of the Mining Act;

  • Amendment No. 5 Effective Date has the meaning set forth in Amendment No. 5.

  • Amendment No. 2 Effective Date has the meaning specified in Amendment No. 2.

  • Additional Effective Date means the date the Additional Registration Statement is declared effective by the SEC.

  • Certificate of Formation means the Certificate of Formation of the Company filed with the Secretary of State of the State of Delaware as referenced in Section 2.1, as such Certificate of Formation may be amended, supplemented or restated from time to time.

  • Amendment No. 4 Effective Date has the meaning assigned to such term in Amendment No. 4.