What does Statement of Values mean? Read on to discover the definition & meaning of the term Statement of Values - to help you better understand the language used in insurance policies.
Statement of Values
A statement of values (SOV) is a report that an insured submits to an insurer. It details the amount each property that will be covered under a policy is worth. The insurer then bases the insured's premium on this report.
We hope the you have a better understanding of the meaning of Statement of Values.