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.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
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have applied the "new for old" principles and straight-line
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WESTMEAD SWALLOW (9-2), whose dam Westmead Aoifa was one of the top stayers of her era, relished a step up in trip when taking the plaudits in the opening heat of the L & S New For Old Trophy over 515 metres at Hove on Sunday, writes Patrick Kelly.
Draw for Thursday's final of the L & S New For Old Trophy: 1 Silverview Pinky, 2 Swift Signal, 3 Rayvin Again (m), 4 Freedom Cache (m), 5 Silverview Spott (w), 6 Westmead Swallow (w).

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