deduction for new

deduction for new
A deduction of one third from the whole amount of the cost of repairing a ship, in computing the amount to be paid the insured under a marine insurance policy. Orrok v Commonwealth Ins. Co. 38 Mass (21 Pick) 456, 469; 29A Am J Rev ed Ins § 1567.

Ballentine's law dictionary. . 1998.

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