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V Vacant Building
A building with no occupants or furnishings. See also Unoccupied.
Valuation
An estimate or the act of assessing of value. This will frequently be done through the process of an appraisal.
Valued Policy
A policy which provides that a special amount shall paid in the event of a total loss of the property.
Vicarious Liability
Liability imposed upon a person even though not a party to a particular occurrence, e.g., the owner of a motor vehicle is vicariously responsible for injuries even though he is not driving the car at the time of the occurrence.
Void
1) Invalid, not legally binding.
2) An insurance contract that is prohibited by law and thus cannot be held to be a valid contract.
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