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LSDefine

Simple English definitions for legal terms

deduction for new

Read a random definition: new drug

A quick definition of deduction for new:

Definition: Deduction for new, also known as new-for-old, is a principle used in marine insurance to adjust a partial loss. It means that the value of old materials is deducted from the total repair expenses, and then one-third of the cost of repairs is charged against the insured shipowner. This principle also applies to damages, where a party is entitled to recover only the amount necessary to restore the property to its original condition, instead of acquiring a new item to replace an old and depreciated one.

A more thorough explanation:

Deduction for new refers to the principle that old materials apply towards payment of the new in marine insurance. In case of a partial marine-insurance loss, the value of old materials is deducted from the total repair expenses. From the remaining balance, one-third of the cost of repairs is deducted and charged against the insured shipowner. This principle is also known as new-for-old.

  • Suppose a ship's hull is damaged in a storm, and the cost of repairs is $10,000. However, the ship's owner had used old materials in the hull's construction, which have a value of $2,000. Therefore, the insurer will deduct $2,000 from the repair expenses, leaving a balance of $8,000. From this balance, one-third of the cost of repairs, i.e., $2,666.67, will be deducted and charged against the insured shipowner.
  • In another example, suppose a car is damaged in an accident, and the cost of repairs is $5,000. However, the car was old and depreciated, and its actual cash value was only $3,000. Therefore, the car owner can only recover $3,000, which is the amount necessary to restore the car to its pre-accident condition.

The above examples illustrate how the principle of deduction for new applies in different scenarios. In marine insurance, the insurer deducts the value of old materials from the repair expenses, and then charges the insured for one-third of the remaining cost of repairs. In the case of a damaged car, the owner can only recover the amount necessary to restore the car to its pre-accident condition, instead of acquiring a new car.

de dote unde nil habet | deduction in respect of a decedent

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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