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A place or position which is empty or unoccupied.

A place or position which is empty or unoccupied.

Empty of contents. Implies abandonment and nonoccupancy for any purpose. In insurance, when the terms ‘vacant’ and “unoccupied” are used together, “vacant” means empty while “unoccupied” means lack of usual presence of human beings.

Legal.

To sanction, affirm.

Of considerable worth.

consideration, such as money, upon which a promise may be founded, which entitles the promise to enforce his claim against an unwilling promisor. See Consideration.

Determining the worth of a thing.

In marine insurance, a clause wherein the insurer and the insured agree on the value of the insured property in advance of any loss to it.

when the Standard bill of Lading does not accurately reflect the value of the property being transported, the owner can negotiate a new bill of lading with the carrier. The owner will pay an additional transportation rate or fee when the carrier’s liability is increased in this way.