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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 adjusteCI to reflect the average exposure.  

Valued Policy
A policy where in 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.

Variable Life Insurance
A form of life insurance whose face value fluctuates depending upon the value of the dollar, securities or other equity products supporting the policy at the time payment is due.

Variable Universal Life Insurance
A combination of the features of variable life insurance and universal life insurance under the same contract.  Benefits are variable based on the value of underlying equity investments, and premiums and benefits are adjustable at the option of the policyholder.

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