Over 15 years (F.)
One-third to be deducted off all repairs and renewals. Anchors to be allowed in full. One-sixth to be deducted off chain cables.
Generally (G.)
The deductions (except as to provisions and stores, machinery and boilers) to be regulated by the age of the ship, and not the age of the particular part of her to which they apply. No painting bottom to be allowed if the bottom has not been painted within six months previous to the date of accident. No deduction to be made in respect of old material which is repaired without being replaced by new, and provisions and stores which have not been in use.
In the case of wooden or composite ships:—
When a ship is under one year old from date of original register, at the time of accident, no deduction "new for old" shall be made. After that period a deduction of one-third shall be made, with the following exceptions:—
Anchors shall be allowed in full. Chain cables shall be subject to a deduction of one-sixth only.
No deduction shall be made in respect of provisions and stores which had not been in use.
Metal sheathing shall be dealt with, by allowing in full the cost of a weight equal to the gross weight of metal sheathing stripped off, minus the proceeds of the old metal. Nails, felt and labour metalling are subject to a deduction of one-third.
In the case of ships generally:—