New For Old
Defined in 5 dictionaries — Cyclopedic (1922), Ballentine's (1916), Bouvier (1914), Black's (1910), Black's (1891)
The Cyclopedic Law Dictionary
Walter A. Shumaker and George Foster Longsdorf; ed. James C. Cahill · 1922
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 Cow. (N. Y.) 265; 4 Cow. (N. Y.) 245; 4 Ohio, 284; 7 Pick. (Mass.) 259; 14 Pick. (Mass.) 141.
Ballentine's Law Dictionary
James A. Ballentine · 1916
Bouvier's Law Dictionary and Concise Encyclopedia
John Bouvier; revised by Francis Rawle · 1914
A term used in marine 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 Byrnes v. Ins. Co., 1 Cow. (N. Y.) 265; Brooks v. Ins. Co., 7 Pick. (Mass.) 259. The deduction is usually one-third, and is made from the cost of labor and material, and in practice also from the incidental expenses of repairs, as towage, etc.; but see, as to this last, Potter v. Ins. Co., 3 Sumn. 45, Fed. Cas. No. 11,335; The Star of Hope v. Annan, 9 Wall. (U. S.) 203, 19 L. Ed. 638. The deduction is without regard to the age of the vessel; Dunham v. Ins. Co., 11 Johns. (N. Y.) 315, 6 Am. Dec. 374. A writer criticises the rule of thirds, and suggests that the increase of iron mills will change the rule of law; Gourlie, Gen. Av. In Liverpool, no deduction is made on iron vessels for the first eighteen months.
Black's Law Dictionary
Henry Campbell Black, M.A. · 1910
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.
Defined under New in Black's Law Dictionary.
A Dictionary of Law
Henry Campbell Black · 1891
In making an adjnstment 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 2mount of the expenses for repairs, and to allow the deduction of one-third new for ald upon the balance. 3 Kent, Comm, 339.