The Law Dictionary

Featuring Black’s Law Dictionary Free Online Legal Dictionary 2nd Ed.

What is DEDUCTION FOR NEW

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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