Controller's Office

Frequently Asked Questions

 

What is Risk Management?

The practice of Risk Management is identifying and analyzing loss exposures other than business risks and taking steps to minimize the financial impact of those risks.

What types of insurance does the University have?

The Commonwealth of Virginia provides world-wide insurance protection for all State agencies and their personnel through the Commonwealth of Virginia’s Risk Management Plan.  In general, this coverage includes property, general liability, medical malpractice, automobile liability, automobile physical damage (optional), fidelity bond (faithful performance and crime), boiler and machinery, aircraft and watercraft.

What is covered under the Commonwealth of Virginia's Risk Management plan? Are students coverd?

Faculty, staff and other agents who are acting within the course and scope of their employment are covered under the Plan.  Students are covered while participating in an authorized scope of a clinical, internship, externship or other program in order to meet educational requirements

Will I be covered if I have a vehicle accident in my own personal vehicle while on University business?

No.  The owner of a vehicle is financially responsible for losses due to the operation of that vehicle.  The coverage follows the vehicle.  The Commonwealth of Virginia’s Risk Management Plan may provide defense and payment in excess of your policy.  The Plan would still pay up to $2,000,000 excess of your personal policy limits.

May a non-state employee drive a state vehicle? Are they protected against liability claims if they do?

A non-state employee may drive a state owned vehicle if authorized by the appropriate person in the State agency.  Anyone driving a State owned vehicle with authorization on state business is considered an agent and is covered through the Commonwealth of Virginia’s Risk Management Plan.

While using a rental vehicle in a foreign country, should I purchase the optional automobile liability and physical damage coverage?

The renter is required to purchase the automobile liability and physical damage coverage while traveling overseas.  Special attentions should be used to check the vehicle for damage before the rental and after the return.  When rentals are used to go from one country to another, the renter should ask if any additional documentation related to the insurance coverage is required to ensure coverage for all locations of use.

What is my department's financial responsibilityin the event of loss or damage to state property?

The department that owns the property is responsible for the deductible which is $1,000.

What do I do if I become aware of a potential injury to someone?

If there is imminent danger call 911, otherwise notify the department responsible and the Office of Risk Management (540-231-7439).  Please complete the Accident/Incident Report .

A company/institution is requesting a Certificate of Insurance from our departmrnt. Where would I get this?

The Office of Risk Management provides Certificates of Insurance.  E-mail completed forms to the Office of Risk Management at johnu64@vt.edu.  Once we have this information, we will be able to draw up the certificate; it will be signed and forwarded as specified on the request form.  Please allow at least ten (10) business days in advance of the date the certificate is needed.