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Vacancy Or Unoccupancy Permit
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An endorsement added to a property policy be the insurer which permits or agrees to continue coverage on a building that has been vacant or unoccupied for more than the limitation period specified in the policy.
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Vacant Building
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A building with nothing in it. If the furniture is in the building and the owner intends to return, the building is unoccupied.
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Valuation
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The act of determining the worth (or value) of an item of real or personal property most often done by means of an appraisal.
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Vandalism
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Damage done maliciously, included in the extended coverage endorsement. Also called "malicious mischief."
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Variable Life Insurance
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A type of life insurance where payout or benefits are not a fixed amount, but rather are variable depending on the investment earnings accumulated. The insured is allowed the investment option and/or the stock portfolio desired. The cash surrender value or benefits are tied directly to the income earned by the investments.
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Vendors Coverage
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A commercial general liability endorsement that extends additional insured coverage to designated vendors for both bodily injury and property damage losses that may be a result of the insured's and vendor's products.
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Vicarious
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When a party is held responsible for the actions or conduct of another party based soley on the relationship of the two parties.
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Services