Put up policy: new cover for board (5,5)
I believe the answer is:
table linen
'cover for board' is the definition.
(board can mean a table)
'put up policy new' is the wordplay.
'put up' becomes 'table' (both can mean to suggest or propose).
'policy' becomes 'line' (I've seen this before).
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'table'+'line'+'n'='TABLE-LINEN'
(Other definitions for table linen that I've seen before include "Napkins, cloths, etc. for diners" , "domestic textiles" .)