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English definition of “replacement value”

replacement value

noun [C]    
INSURANCE, FINANCE the amount of money that it would cost to replace something that is damaged, lost, stolen, etc. with something new: The report estimated the replacement value of the tunnels at $50.5 million. Keep in mind that replacement value is not the same as market value.
→ Compare market value
(Definition of replacement value noun from the Cambridge Business English Dictionary © Cambridge University Press)
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