Yes, equipment replacement is on a ‘New for Old’ basis for items purchased new and up to 3 years old subject to satisfactory proof of ownership.
Items which are older than three years or not purchased new will be replaced on the indemnity value of that equipment at the time of loss or damage. You can extend the standard cover to ‘New for Old for Life’ of your equipment so in the event of a claim you would receive comparable article(s) of equivalent quality that matches the specification of those following loss or damage, regardless of its age.
NOTE: If you require ‘New For Old For Life’ then you must select this option on your application.