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Meaning of “replacement cost” in the English Dictionary

"replacement cost" in Business English

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replacement costnoun [C]

uk   us   ( also cost of replacement)
INSURANCE, FINANCE the ​amount of ​money it ​costs to ​replace something that is ​damaged, ​lost, ​stolen, etc. with something new: The ​estimatedreplacementcost is $800,000. In ​times of ​inflation the ​replacementcost of an ​asset may be much greater than its ​originalcost.
(Definition of replacement cost from the Cambridge Business English Dictionary © Cambridge University Press)
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