$re = '/(?<!\S)iv(?!\S)/m';
$str = 'the driver of the 1st vehicle hit the iv iv at a stop';
$subst = "insuredvehicle";
$result = preg_replace($re, $subst, $str);
echo "The result of the substitution is ".$result;
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for PHP, please visit: http://php.net/manual/en/ref.pcre.php