A law stating that an insurer must pay the face value of a policy upon the total loss of a building, regardless of the actual value of the building. The law intends to stop insurers from writing policies in excess of the value of the building so as to collect higher premiums.

Laws existing in some states that apply primarily to buildings. The laws differ but, in general, they state that in case of a total loss the amount of insurance is the agreed amount of loss.

Valued Policy (ies) can be issued only for properties whose market value cannot be ascertained e.g., Curios, Works of Art, Manuscripts, Obsolete machine and the like subject to the valuation certificate being submitted and found acceptable by the insurers.

A term used in life insurance for nonforfeiture values.

The willful injury or destruction of property e.g., throwing stones through the window of a home and damaging home furnishing would be vandalism and can be insured against by extending coverage of a Fire Insurance Policy.
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Once treated as a separate peril to be added to a property policy or not, current property forms routinely include the protection. While not defined in the policy, vandalism is generally seen to require some intent to cause damage or harm, while malicious mischief requires some level of malice. Children may toilet paper a house intentionally but with no malice an ex-lover may set fire to the bushes with malicious intent.

A peril that is typically included in homeowners insurance and basic commercial forms. The intentional destruction of or damage to property.