Verification, badge, and leads
Nothing happens instantly, but verification does not survive a missing link. We re-check every verified agency's snippet regularly. If the link is gone or has been altered (for example switched to nofollow), you receive a warning email and a grace period of about two weeks to restore it.
If the link is still missing after the grace period, verification is revoked: the Verified badge comes off, the ranking boost ends, and you leave the lead list. You keep your claimed profile and dashboard access either way.
Restoring is the same as verifying the first time: put the snippet back and re-verify from your dashboard. Site redesigns are the most common cause of accidental removal, so if you are rebuilding your site, carry the snippet over like you would your analytics tag.