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Vacancy

The absence of people and personal property from a building. Property coverage is often restricted when there are long periods of vacancy.

Valuable Papers Insurance

Inland Marine coverage form which provides all risk coverage for valuable papers such as manuscripts, blue prints, records, and other printed documents.

Value Reporting Endorsement

An endorsement that can be added to Commercial Property policies which sets the limit of insurance somewhat higher than expected peak values and then requires the insured to make periodic reports of actual values. These reports are averaged and the premium is then adjusted to reflect the average exposure.

Valued Policy

A policy wherein the insurer agrees, in advance, that the coverage limit applicable to the item will be considered its value.

Valued Policy Law

A statute, which states that if there is a total loss by an insured peril to a building, the insurer must pay the amount provided in the policy for which premium has been paid.

Vandalism And Malicious Mischief (V&MM)

Protects property against damage caused by vandals. Many property forms contain Vandalism and Malicious Mischief coverage.

Vicarious Liability

Negligence which is not directly attributable to the person claimed against, but which is the negligence of another for whom the person claimed against is in some way responsible. See Contingent Liability.