NEW FOR OLD. A term used in the law of insurance in cases of adjustment of a
loss, when it has been but partial. In making such adjustment the rule is to
apply the old materials towards the payment of the new, by deducting the
value of them from the gross amount of the expenses for repairs, and to
allow the deduction of one-third new for old upon the balance. See 1 Cowen,
265; 4 Cowen, 245; 4 Ohio, 284; 7 Pick. 259; 14 Pick. 141.