Glossary

A voluntary compensation maritime coverage endorsement allows an employer with maritime workers compensation exposure to offer benefits of the state designated in the endorsement to an injured employee or survivors of a deceased employee. It is used in conjunction with the maritime liability endorsement, which extends employers liability coverage. The voluntary compensation maritime endorsement provides injured seamen an alternate remedy to legal action.

The Voluntary Employees Beneficiary Association was established by employers under the US tax laws as a pretax method of funding certain employee benefits. Like in a trust, once money is in a Voluntary Employees Beneficiary Association, it cannot be withdrawn, except to pay benefits.

The voluntary market refers to insurers writing insurance in a competitive environment with the freedom to accept or reject applicants based on their underwriting criteria and objectives. For most lines of coverage, the market is completely voluntary. However, in lines where coverage is required under state law, most notably auto liability and workers compensation, insurers participating in the voluntary market are required to accept a portion of the uninsurable risks through an assigned risk plan.

Voluntary protection programs were established by the Occupational Safety and Health Administration (OSHA) in 1982 as a way to promote collaboration between government, industry, and labor to achieve the common goal of effective worksite safety and health. Employers wishing to participate must undergo a rigorous qualification process, including preparation of detailed written documentation of their programs and a thorough onsite inspection. Successful applicants must demonstrate a strong commitment to workplace safety and health, especially at senior management levels, to qualify. Participants who qualify for the highest tier of voluntary protection program status (Star level) are removed from OSHA's programmed inspections list. (OSHA retains the right to investigate specific complaints, accidents, and fatalities.) In 1994, the Department of Energy launched a similar program for contractors employed at Department of Energy-owned facilities.

A voluntary reserve is an allocation of surplus not required by law.

The Volunteer Protection Act of 1997 is a federal law providing immunity from personal liability for volunteers of qualifying nonprofit organizations. Despite the fact that the Act can be raised as a defense to claims, it does not eliminate the need for association professional liability or nonprofit directors and officers (D&O) liability insurance. This is because, when faced with a claim, the volunteer must retain legal counsel. Also, the Act is not intended to protect a volunteer whose conduct was willful or intentional (as opposed to merely negligent).

A voyage clause is a marine insurance policy provision specifying the time allowed for a voyage or series of trips that may be grouped together as one voyage.