The Department of Risk Management is to administer the Commonwealth's Risk Management Plan to protect the Commonwealth and the University's reputation and financial assets.
The office also supports University departments by assessing potential risks, recommending action to manage hazards, or suggesting the contractual transfer of those risks. In the event of an incident, URMO will assist in controlling the loss and recovery through insurance.
COMMONWEALTH OF VIRGINIA RISK MANAGEMENT (INSURANCE) PLAN
The Commonwealth of Virginia provides statewide insurance coverage for all state agencies and their personnel through the Commonwealth of Virginia Risk Management Plan. Coverage includes professional and general liability, property damage, automobile liability and physical damage, and employee theft and other specialized insurance as may be necessary.
The Commonwealth's Division of Risk Management (DRM), within the Department of the Treasury, administers the plan in accordance with § 2.2-1837 and 2.2-1838 of the Code of Virginia. DRM makes the final decision on a claim and how much to award the claimant. In the event a claim is litigated, DRM interfaces with the Commonwealth's Office of the Attorney General (OAG) to settle the claim. Any settlement is paid from the plan’s funds.
- General Liability Coverage
- Automobile Liability & Physical Damage Coverage
- Property Loss Coverage
- Bond Coverage
- State Property Loss Report Form
- Commonwealth of Virginia Auto Loss Form
- Certificate of Insurance Request Form
- Fine Art State Property Loss Report Form
- Fine Art Certificate of Insurance Request Form
- Incident Report Form