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Simple English definitions for legal terms

new-for-old

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A quick definition of new-for-old:

New-for-old is a principle used in marine insurance when adjusting a partial loss. It means that the value of old materials is deducted from the total repair expenses, and then one-third of the cost of repairs is charged against the insured shipowner. This is done to ensure that the owner is not paid for new materials when they are only replacing old ones.

A more thorough explanation:

Definition: New-for-old is a principle used in marine insurance to adjust a partial loss. It means that the value of old materials is deducted from the total repair expenses, and then one-third of the cost of repairs is charged against the insured shipowner.

Example: If a ship's engine is damaged and needs to be replaced, the new-for-old principle would apply. The insurance company would deduct the value of the old engine from the cost of the new engine, and then charge one-third of the remaining cost to the shipowner.

Explanation: The new-for-old principle is used to ensure that the insured party is not overcompensated for a loss. By deducting the value of old materials from the cost of new materials, the insurance company is only paying for the difference between the two. The one-third deduction is meant to account for the fact that the new materials will likely have a longer lifespan than the old materials, and therefore the insured party should bear some of the cost of the upgrade.

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10:31
i feel so unprepared even though ive done 5 PTs averaging 178
Holy self reported data
10:46
i want a caesar salad
10:46
real soggy one
10:47
with beans on it and no croutons who's with me
eggan
10:48
just withdrew from all my WLs yall im officially committed
MrThickRopes
11:11
Uhh
MrThickRopes
11:11
Yeeaahhh
@bigfatsloth: beans?
ParallelAgreeableOrangutan
11:33
congrats eggan! where are you going?
ParallelAgreeableOrangutan
11:33
beans is crazy
Thoughts on Indiana Maurer vs Iowa Law? Cost would be very similar for me
Well I was gonna tell you stuff about Iowa but you're already a resident so I think you are well in the know'
Actually, I would love some Iowa/Iowa City tips! I am a resident, but I really live in Omaha. I moved across the river specifically for the in statue tuition a while back.
11:43
What kinda law you wanna do? Maurer has a great cyber program
I'm really not sure. My background is corp procurement. I don't want to do family law, and I think I want to stay away from criminal.
11:46
I would probably do Indiana given your scholly amounts
11:49
Indiana has good fed gov placements if that’s your vibe
eggan
11:49
@ParallelAgreeableOrangutan: im going to fordham
@eggan: congrats!!!!
eggan
11:50
ty!! i got $$.5 so it was a no brainer
@LawOfAchilles: i think, if the CoA is similar, it depends maybe on where you want to practice? If you want to end up practicing in Omaha, maybe Iowa is better?
11:52
Whenever someone mentions Fordham I can only think of Whiplash
ParallelAgreeableOrangutan
11:52
nice, congrats!
@eggan: money talks!
ParallelAgreeableOrangutan
11:52
esp with the scholarship!!
I don't really know where I want to end up practicing yet, but I've enjoyed living in the midwest so far. I think I might ultimately like to end up as in-house corporate for the work life balance.
ParallelAgreeableOrangutan
11:53
I lived in Bloomington for a long time, can't speak to the law school but can answer Qs about the city if you'd like
@ParallelAgreeableOrangutan: How do you think it is to live in as a 20-something going to grad school? The comparison is Iowa city, so not an extremely high bar for liveliness. (No offense intended towards IC. I think it's a lovely place)
NosyBeagle
11:56
@NemoPropheta: taking it in august. feels like ill never be ready but f it we ball
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