V
Vacant property
- Once defined as devoid of occupants or contents, a stricter definition
is being applied as more and more communities find older buildings of
three and four stories that are only one quarter occupied. Property
policies impose limitations on coverage of "vacant" buildings
so the (changing) definition of vacant property is quite important.
Valuable
papers coverage - Provides "all risk" coverage on "valuable
papers," such as: written, printed, or otherwise inscribed documents
and records, including books, maps, films, drawings, abstracts, deeds,
mortgages, and manuscripts. It covers the cost of research to reconstruct
damaged records, as well as the cost of new paper and transcription.
Valuation
- To estimate the value of a piece of property usually by considering
its replacement cost or its actual cash value. Factored into the estimate
is any depreciation or wear and tear.
Valued
policy, see Agreed amount clause.
Valued
policy law - Law that exists in some states which applies primarily
to buildings. The laws differ but, in general, they state that in case
of a total loss the amount of insurance is the agreed amount of loss.
Vandalism
and malicious mischief - Once treated as a separate peril to be
added to a property policy or not, current property forms routinely
include the protection.
Verbal
threshold - Term in no-fault auto insurance, applicable in some
states, which states that victims are allowed to sue in tort only if
their injuries meet certain verbal descriptions of the types of injuries
that render one eligible to recover for pain and suffering.
Vested
commissions - Commissions on renewal business which are paid to
the agent whether or not he or she still works for the insurance company
with which the business is placed.
Vicarious
liability - The condition arising where one person is responsible
for the actions of another, as a parent is often held responsible for
the vandalism damage a minor child does to a school.
