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Glossary


Vendors dual interest coverage is insurance purchased by financial institutions that covers physical damage to property (collateral) on which loans have been made.

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

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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.

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

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

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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..usually an injury that results in a whole or partial loss of a body member or function.

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Vermin are small common animals that cause damage to property and are difficult to control (e.g., mice and cockroaches).

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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.

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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.

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Vesting is a process by which employees receive rights to values contributed on their behalf by their employer to a pension, profit sharing, or similar benefit plan.

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