Homeowners Insurance Glossary
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V&MM, or VMM.
Vandalism and Malicious Mischief. Damage or destruction to property which is willful. Traditionally VM&M coverage was optional on many forms or added by endorsement, but today it is automatically covered by basic commercial and homeowner forms. (PR)
Vacant.
A term used in Property Insurance to describe a building that has nothing in it. This goes one step beyond the description of unoccupied. The Standard Fire policy prohibits vacancy beyond a specified period of time. Contrast with Unoccupied. (PR)
Valuable Papers and Records.
An all-risk coverage for physical loss or damage to valuable papers and records of the insured. It includes practically all types of printed documents or records except money. (PR)
Value Reporting Form.
Commercial form designed for businesses that have fluctuating merchandise values during the year. As values are reported (monthly, quarterly or annually) the amount of insurance is adjusted. Reporting forms help eliminate problems of over-insurance and under-insurance, as well as the need to continually endorse a policy. (PR)
Valued Policy.
A policy, which states that in the event of a total loss, a specific amount will be paid, that being the amount stated in the policy. The effect is to eliminate the need for determining the actual cash value of an item of property in the event of a total loss. It is generally used with certain more valuable items, such as fine arts, antiques, and furs. See also Valued Policy Law. (PR)
Vandalism and Malicious Mischief.
See V&MM. (PR)
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