Valuation

An appraisal of the value of property.

Valued policy

Same as Agreed value.

Vehicle year

A measurement of exposure for a motor insurance portfolio (or motor fleet). It represents the exposure of one vehicle for a complete (policy) year.

Vibration white finger (VWF)

A medical condition that develops gradually in those who use vibrating machinery, especially pneumatic drills; a source of many employer's liability claims.

Vicarious liability

Liability that arises through acts performed by someone else.

Void

Of no legal effect.

Voidable

The option of one party to a contract to set it aside, usually because of a fundamental breach of contract terms by the other party. In insurance contracts the insurer will be entitled to treat a policy as of no effect in certain cases of non-disclosure and misrepresentation.

Voluntary excess

An excess that the insured agrees to bear in return for a reduction in premium.

Voyage policy

A marine insurance policy on a voyage, as distinct from a period of time. For marine cargo policies, the voyage usually includes the land transit at each end.