Global-scale video moderation faces a dual challenge: the need for fine-grained multi-modal reasoning and the demand for interpretable outputs to support downstream enforcement. Traditional moderation systems often rely on fragmented black-box classifiers that are difficult to maintain and lack transparency. In this paper, we present UNIVID, a UNIfied VIsion-language model for video moDeration. Unlike standard classification models, UNIVID generates policy-aware captions that serve as an interpretable intermediate representation, enabling human-verifiable decisions and multi-task reusability. While existing open-source and commercial VLMs often suffer from safety-guardrail refusals and lack fine-grained policy alignment, we develop a specialized training data recipe that combines expert human-refined labels with synthetic data to align the model with our safety guidelines. By integrating UNIVID as the core captioner, we design a novel end-to-end video moderation system that reduces violation leakage by 42.7% and overkill rate by 37.0% relatively. Meanwhile, by replacing over 1,000 policy-specific models with a single UNIVID backbone, we recycled extensive computation resources while reducing engineering maintenance overhead. To our knowledge, this is one of the first reports of a high-efficiency captioning VLM successfully supporting industrial-scale moderation and cross-functional business.