The Law Dictionary

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DEDUCTION FOR NEW Definition & Legal Meaning

Definition & Citations:

In marine insurance. An allowance or drawback credited to
the insurers on the cost of repairing a vessel for damage arising from the perils of the
sea insured against. This allowance is usually one-third, and is made on the theory that
the parts restored with new materials are better, in that proportion than they were
before the damage.


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