New for old
Black's Law Dictionary · Henry Campbell Black, M.A. · 1910
Black's Law Dictionary
In making an adjustment of a partial loss under a policy of marine insurance, 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.
3 Kent, Comm. 339.