one third new for old

one third new for old
The familiar rule of marine insurance that in case of the partial loss of a vessel, there shall be deducted from the costs of repairs, chargeable to the insurer one third of the new materials replacing the old, on the theory that the new materials render the vessel that much more valuable than it was before the loss. 29A Am J Rev ed Ins § 1567.

Ballentine's law dictionary. . 1998.

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