In the event of claim for damages only to Glass, Fibre, Plastic or Rubber Parts the insured undertakes to repair these items instead of replacing them and the NCB will not be affected. The repairs must be undertaken at the insurers approved repairers and no other claims for damages to the vehicle are involved.

A method of indemnifying the claimant against loss of property. As for example, an automobile or a machinery may be damaged in an accident. Insurers may authorize repairs and pay the amount to the repairer Direct or reimburse the insured for the expenses paid by him on repairs.

Under Overseas Mediclaim Policy – Expenses incurred to travel back to home country following sickness abroad.

A basis of cover where the insurer pays the cost of replacing the insured item with a similar but new item. Also, referred to as “Replacement as New” or “New for Old” and contrasts with “the principle of indemnity.” Also a new policy underwritten to take the place of one currently in force.
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A policy written to take the place of an existing policy.
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UK: An option when an insurer settles a laim under a contract of indemnity. The goods supplied must be equivalent to the lost goods in nature and quality. If in a superior condition betterment applies. Insurers may gain by getting discounts on replacement goods. Replacing goods rather than paying cash discourages fraud. ‘New for old’ policies modify the principle of indemnity.
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US: The substitution of health insurance coverage from one policy contract to another.
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MEDICAL,USA: To replace insurance coverage under one health insurance policy for coverage under another policy.
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Where an insurer agrees to replace irreparably damaged or stolen goods with goods of a similar type and quality under a contract of indemnity instead of paying a cash sum to the insured.

Price of purchasing or constructing a new item of property to replace an older, used item of property. Though comparable to the property being replaced, the replacement property may be a newer model, may reflect improved construction techniques, and may be ‘new rather than used and ‘old.’ for any of these reasons, Insurance coverage on a replacement cost basis may be more favorable to an insured than Insurance coverage on an actual cash value basis.
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The cost of replacing property without deduction for depreciation. Often referred to as new for old, because the insured’s old property is replaced with new property. Under replacement cost, an insured’s ten year old sofa will be replaced with a new sofa. See Actual cash value.
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The cost to repair or replace an insured item. Some insurance only pays the actual cash or market value of the item at the time of the loss, not what it would cost to fix or replace it. If you have personal property replacement cost coverage, your insurance will pay the full cost to repair an item or buy a new one once the repairs or purchases have been made.
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US: The cost to repair or replace property at construction costs prevailing at time of loss; the cost to repair or rebuild property without considering depreciation. (See Actual Cash Value)
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The value of property as the purchase price of a similar property. Replacement Cost, New : The cost of replacing or repairing the property damaged, destroyed, or taken without any deduction for physical depreciation or economic obsolescence. Replacement Cost New Less Depreciation and Economic Obsolescence : The cost of replacing or repairing the property damaged, destroyed, or taken les a deduction for physical (not accounting) depreciation and economic obsolescence.Replacement Cost Insurance : Insurance providing that the insured will be paid the cost of replacing the damaged property without deduction of depreciation. The usual replacement cost form provides that the property must actually be replaced before the insured may collect a claim under it. It is available only for building, plant and machinery, with few exceptions.

The amount required to replace some property, without factoring in depreciation. This amount reflects the cost to replace property with totally new items.