New for old

NEW FOR OLD. A term used in the law of insurance in cases of adjustment of a loss, when it has been but partial. In making such adjustment the rule is to apply the old materials towards the payment of the new, by deducting the value of them from the gross amount of the expenses for repairs, and to allow the deduction of one-third new for old upon the balance. See 1 Cowen, 265; 4 Cowen, 245; 4 Ohio, 284; 7 Pick. 259; 14 Pick. 141.