A more thorough explanation:

QUOAD VALOREM

Quoad valorem is a Latin term that means "with regard to the value."

When something is described as quoad valorem, it means that its value is being taken into consideration. This term is often used in legal or financial contexts when discussing the worth of something.

• When determining property taxes, the assessor will look at the quoad valorem value of the home.
• The insurance company will only pay out quoad valorem, meaning they will only cover the value of the lost or damaged item.

In both of these examples, the term quoad valorem is used to indicate that the value of something is being considered. In the first example, the value of the home is being used to determine the amount of taxes owed. In the second example, the insurance company will only pay out up to the value of the lost or damaged item.