No depreciation area specified for insurance type & (Correct)

What causes this issue?

No depreciation area has been defined for insurance type &V1&. An
appropriate depreciation area has to be defined for each insurance type
in order for the base insurable values to be correctly updated in
current market value insurance, or for the insurance values to be
correctly determined in current market value insurance.

System Response

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

How to fix this error?

Define a depreciation area for insurance type &V1&.

Error message extract from SAP system. Copyright SAP SE.