The Commonwealth’s insurance provides full coverage, less a $1,000 deductible for loss of property due to theft, vandalism, etc. or destruction by wind, water, freeze, etc. If you have sustained a loss to university property, contact the Office of Risk Management at (540) 231-7439 or send an email to email@example.com and provide the location, a summary of the damage that was sustained and the cause.The program provides coverage for University Owned property in transit. Personal property is not covered by the Commonwealth.
Property insurance provided by the university can be extended to cover the property of others, under the university’s care, custody and control. This must be documented in one of the following ways:
· Contractual obligation to Insure
· Contractual transfer of care, custody and control
· Use of personal property as a condition of employment at Virginia Tech
· Rented Equipment
Procurement procedures Equipment Demonstration and/or Loan Equipment
Fine Arts includes any art on display or in storage at the university. Fine arts will include but are not limited to: paintings (oil acrylics, watercolors, pastels, pen and ink, etc.), photographs, lithographics, signature works, sculptures (all mediums), historic papers and/or artifacts. Documentation, which can be in the form of a contract, letter or e-mail, must exist prior to the date of any loss, indicating the university has accepted care, custody and control of the item, what the item is and an estimated value (if available). A template for documenting this care, custody and control for the property of others can be obtained from the Office of Risk Management. Virginia Tech property on loan to others shall also be documented by the Department and proof of insurance requested from others.
The personal property of faculty, staff, students, contractors and visitors is usually excluded from coverage. The loss of personal property is usually covered by homeowners or renter’s insurance. The exception to this practice is when property is required as a condition of employment. This requirement must be documented in the position description or in a memorandum from the Department Head to the Office of Risk Management and Human Resources Department prior to the loss/damage.
The Commonwealth’s insurance program provides for full coverage, less a $5,000 deductible for all boiler and machinery equipment that is damaged.
The Commonwealth’s insurance program provides for airport liability coverage, full hull coverage for aviation related incidents.
Contact the Office of Risk Management prior to putting the watercraft in service. Be prepared to provide the value of the water craft and the hull make, size and identification number. Boats in excess of 26 ½ feet require additional attention and insurance. Arrangements should be made during acquisition by contacting the Office of Risk Management at 540-231-7439 for further details.
The Office of Risk Management is required to be notified when new buildings are added or additions are completed for existing buildings so these properties can be added to the Virginia Agency Property System (VAPS) in order for property insurance to be placed.
The Commonwealth’s insurance provides full coverage less a $1,000 deductible, for loss of property due to theft, vandalism, etc. or destruction by wind, water, freeze, etc. Any loss or damage to University property should be reported in accordance with the checklists referred to in this section. This program provides coverage for any University Owned property in transit. All sudden and accidental losses or damage to Virginia Tech property should be reported immediately by contacting the Office of Risk Management at firstname.lastname@example.org or by calling 540-231-7439. Typical loses include theft, vandalism, water damage, wind damage, floods, lightning damage, etc.