New for old

{
  "id": "MLC-T-INS-002306",
  "term": "New for old",
  "field": "Insurance and risk management",
  "definition": "A basis of settlement in property insurance where, in the event of a covered loss, the insurer pays the cost of replacing damaged or destroyed property with new property of like kind and quality, without deduction for depreciation. This is also known as replacement cost coverage. It contrasts with actual cash value, which deducts depreciation from the replacement cost.",
  "url": "https://mlchart.com/terminology/insurance/new-for-old/"
}