new-for-old
new-for-old
adj
(Insurance) (of insurance) issued on the principle that claims will be based on the cost of replacing old damaged, destroyed, or lost items with brand new items
Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014