Glossary

A vacancy permit endorsement is a property insurance endorsement that suspends some or all of the coverage restrictions that apply to buildings that have been vacant for more than a specified time period (typically, 60 days).

A vacancy provision, found in most commercial property policies, severely restricts coverage in connection with buildings that have been vacant for a specified number of days (typically, 60 days).

The term vacant refers to a building that contains little to no furniture or other personal property. Many property provisions contain a vacancy provision that reduces or eliminates coverage when the property is vacant for a designated period of time.

Vacation liability is a motor motor home insurance coverage. It provides personal liability coverage only when the motor home is parked off public roads and while the unit is used for recreational purposes.

Valuation papers and records coverage is inland marine coverage that pays the cost to reconstruct damaged or destroyed valuable papers and records.

Valuation is a provision in a property or inland marine policy that specifies the basis of indemnification when property is destroyed.

The valuation date is the cutoff date for adjustments made to paid claims and reserve estimates in a loss report.

Value-added services are services provided in conjunction with the sale of insurance that go beyond the mere provision of insurance. The nature and quality of value-added services provided by an agent/broker or insurer are important factors for an insured in selecting between competing organizations.

Value-at-risk is an approach to risk used in banking and investment but less often by insurers and reinsurers.

Value-based care refers to a form of medical care delivery in which physicians and hospitals are compensated based on achieving positive results rather than on the sheer quantity of medical services they provide.