Insurance that protects the insured against forged or altered financial instruments; for example, checks or promissory notes, made in the insured’s name or supposedly signed by the insured.

A bond promising that government deposits made to a bank will not experience loss.

A decrease in the value of any type of tangible property over a period of time resulting from use, wear and tear, or obsolescence.
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US: A decrease in the value of property over a period of time due to wear and tear or obsolescence. Depreciation is used to determine the actual cash value of property at time of loss. (See Actual Cash Value)
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A decrease in value due to age, wear and tear, etc.
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A loss in the value of property, including car, house, building, or other type of physical items. This loss can be due to wear and tear, usage, or the property becoming outdated.
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As property ages and becomes worn it often loses value. That loss of value must be taken into account in any adjustment of property insurance that covers loss of actual cash value.
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Loss in value. The difference between the replacement cost new and present value. The difference between the values as of two different dates. Also, loosely used, the amount charged against income to offset future depreciation and to recover the capital invested in a wasting asset.
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UK: The decline in value of property resulting from use, wear and tear or obsolescence. Depreciation is not covered under contracts of indemnity but insurers may issue ‘new for old’ and reinstatement policies thereby modifying the principle of indemnity.
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The decrease in the value of an item due to age, use or wear and tear. Such devaluation is not covered under a contract of indemnity. However an insurer may agree to provide cover on “a new for old” basis which represents a modification of the principle of indemnity and avoids the need to determine rates and amounts of deprecation when settling claims.
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US: The decrease in the value of property over a period of time, usually as result of age, wear and tear from use, or economic obsolescence. Actual physical depreciation (wear and tear from use) is subtracted from the replacement cost of insured property in determining its actual cash value (ACV); courts in some jurisdictions have allowed insurers to deduct depreciation due to economic obsolescence as well.

Insurance under which there is payable in case of loss, the difference between the actual cash value of the loss to the property insured and the cost of replacing or rebuilding it in like size and of similar construction.

Insurance that provides for the replacement value of property that has been damaged. Depreciation is not subtracted from the value of the item.

The depreciation under the standard policies for replacement of parts damaged in an accident covered under the policy is being waived under this add-on. However, the add on is sometimes conditional to the age of vehicles being below 3 years and not more than two OD claims having been lodged during the policy perod. The repair of the vehicle to be done at the insurers approved repairer. The deductibles under the policy will be applicable. (a) The variations among insurers may be on partial reimbursement, if repairs at insured’s regular repairer. (b) A restriction on the maximum claims for this benefit in a policy year (c) Tyres and batteries would be excluded.

A Region of low barometric pressure in high or mid-latitudes. Also called cyclone or low a large body of rotating and rising air below normal atmospheric pressure which often brings rain.