Definition of DEDUCTION FOR NEW in Black's Law Dictionary 4th Edition – Legal dictionary – Glossary of legal terms.
Definition of 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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That's the definition of DEDUCTION FOR NEW in Black's Law Dictionary 4th Edition – Legal dictionary – Glossary of legal terms. Courtesy of Cekhukum.com.
