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Simple English definitions for legal terms

new-for-old

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A quick definition of new-for-old:

New-for-old is a principle used in marine insurance when adjusting 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 is done to ensure that the owner is not paid for new materials when they are only replacing old ones.

A more thorough explanation:

Definition: 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.

Example: If a ship's engine is damaged and needs to be replaced, the new-for-old principle would apply. The insurance company would deduct the value of the old engine from the cost of the new engine, and then charge one-third of the remaining cost to the shipowner.

Explanation: The new-for-old principle is used to ensure that the insured party is not overcompensated for a loss. By deducting the value of old materials from the cost of new materials, the insurance company is only paying for the difference between the two. The one-third deduction is meant to account for the fact that the new materials will likely have a longer lifespan than the old materials, and therefore the insured party should bear some of the cost of the upgrade.

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13:37
yak you will be fucking shit up at cornell this time next year dw
i love u
13:38
love you too bby
glovediedthisishismom
13:42
what if desantis appoints lara trump and matt gaetz to be floridas senators
Dkk
13:42
Sounds good to me
HopefullyInLawSchool
13:43
@glovediedthisishismom: What if he appoint Ym instead?
HELP
every damn opportunity
13:47
do schools straight reject people from ed or to they always ed-rd if its a no for ED?
HopefullyInLawSchool
13:48
Some schools rject
13:49
Thanks! I couldn't find any reddit thread about it lol
13:49
but just means now I have to wait for the rejection from Davis
glovediedthisishismom
13:53
i just wanna rock
glovediedthisishismom
13:53
bodyadaya
13:53
let it rock
14:17
How are the vibes heading into thanksgiving yall?
HopefullyInLawSchool
14:17
@Law-Guy Im feeling kinda happy I applied YM to UCI hoping it helps (:
Wanna give some head
soap
14:18
Cornell
14:19
@HopefullyinLawSchool What's YM?
14:19
oh no
HopefullyInLawSchool
14:19
you mom
WorthlessAttractiveZombie
14:19
Ouch
HopefullyInLawSchool
14:19
your*
14:19
I fear I realized too late
babycat
14:20
another victim claimed
concorde
14:22
pwned
14:22
Might have to send in addendums for that
Dkk
14:26
No wave, so sad.
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