VANDALISM – Used synonymously with malicious mischief; willful physical damage to property.

VALUATION – Estimation of the value of an item, usually by appraisal.

VALUATOR - A competent person with knowledge and skill to carry out an appraisal and to produce a valuation report.

VALUED POLICIES – A marine policy that specifies the value of the subject matter insured usually with the words “valued at” or “so valued”.

VOIDABLE POLICY – An insurance policy is said to be voidable where circumstances exist that entitle either one of the parties to “avoid the contract”. It is usually the Insurer who finds himself in this position when there has been a breach of ‘utmost good faith’ by the Insured.