TIV

TIV, or Total Insurable Value, represents the total amount it would cost to replace or repair everything covered by an insurance policy for a property, such as a building or a business. Think of it as the comprehensive value of all the assets, materials, and structures that could be affected by a loss. TIV helps insurers determine the appropriate amount of coverage to ensure enough funds are available in case of damage or disaster. It’s an important measure for assessing risk and setting insurance premiums accurately.