Statement of Values (SOV)
Definition - What does Statement of Values (SOV) mean?
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.
Insuranceopedia explains Statement of Values (SOV)
To avoid underinsurance, the statement of values must be accurate and comprehensive. It must not only provide the amount for each property in every location but it must also list all the insurable items in each property, such as machinery and other equipment.
In order to ensure the accuracy and comprehensiveness of their statement of values, it is advised that the insured get the assistance of a finance professional, such as a property insurance broker, when drafting their SOV.