Glossary

Vendors coverage is additional insured coverage, usually under a manufacturer's general liability policy, for specified vendors with respect to their distribution or sale of the manufacturer's products designated in the schedule on the endorsement. This endorsement gives products liability coverage to the vendors distributing or selling the named insured's product and eliminates the need for the vendor to purchase separate products liability coverage.

Vendors dual interest coverage is insurance purchased by financial institutions that covers physical damage to property (collateral) on which loans have been made. The premium is usually assessed against the borrower. Vendors dual interest coverage contrasts with vendors single interest coverage in that it protects the interests of both the lender and the borrower in the covered property.

A vendors endorsement is a standard commercial general liability endorsement (CG 20 15) that provides vendors coverage.

Vendors single interest coverage is insurance purchased by financial institutions that protects against financial loss from physical damage to property (collateral) on which loans have been made. Such coverage applies in the event the borrower does not have physical damage coverage in place. Vendors single interest insurance covers only the outstanding balance on the loan. Even though the borrower frequently pays the premium, they receive no insurance protection of their equity under such policies.

Venturi scrubbers are air pollution control devices that use water to remove particulate matter from emissions.

Venue is the location in which an action is brought for trial.

The verbal threshold is a threshold based on a person's degree of injury that must be exceeded before a suit can be brought against the negligent party in a state with a no-fault insurance law. The verbal threshold is usually an injury that results in a whole or partial loss of a body member or function.

Vermin are small common animals that cause damage to property and are difficult to control (e.g., mice and cockroaches). Most property insurance policies do not cover damage done by vermin.

The vertical exhaustion rule is the legal theory that allows an insured with multiple primary and excess policies covering a common risk to seek coverage from an excess insurer as long as the insurance policies immediately beneath that policy, as identified in the excess policy's declaration page, have been exhausted, regardless of whether other primary insurance may apply.

A vessel in navigation is a watercraft or any type of machinery that is intended for use in navigable waters as a means of transportation. This is one of the qualifications that an injured worker must establish in order to make a claim under the Jones Act.