Glossary

N

New-For-Old
Cover for property where an item lost or destroyed would be replaced with a brand new one, with no deduction for wear and tear. Also called "replacement as new".

No Claim Discount (or Bonus) also known as NCD and NCB
A reduction in a renewal premium to reflect a claim-free record; used most often in motor insurance. Policyholders can typically build up to a 65% no claims bonus. Find more in our No Claims Bonus frequently asked questions.