Option Value Or Net Liquidating Value or Premium Margin is included in the overall margin calculation for premium paid up front options. Credit Option Value can be used to offset Initial Margin, whereas Debit Option Value must be covered by collateral in the same way as Initial Margin.
This doesn’t apply to all options. Some options are what is called “futures style”, with daily profit and loss being paid on them (Variation Margin), and these do not have Option Value. As an example ICE Financial, Commodity and Energy options are generally futures style.
Find out more here: How to use option value to optimise your margin in current market conditions.