Risk Management

The Office of Property & Liability Risk Management values its role as the University's manager of risk which, left unaddressed, could adversely affect the financial viability of the University and possibly impede it's mission as an institution of higher learning. Our desire is to accomplish our mission by meeting specific goals and supporting the educational goals of the University, providing effective and timely service, promoting ethics and integrity through our work, encouraging personal growth of staff, and practicing good communication within and outside the department.

Our Responsibilities

Property & Liability Risk Management is the process of minimizing the adverse effects of accidental losses to the University. This process involves:

Identification of exposures. Evaluation and selection of risk management techniques. Review of contractual agreements for risk transfer opportunities and liability, and insurance coverage requirements. Management of claims against and for the University, which could involve bodily injury, property damage, and other types of loss. Development of financial protective measures to pay for losses that do occur, either through insurance or self-insurance mechanisms.

Our Mission

The mission of the Office of Property & Liability Risk Management is to support the educational purpose and goals of the University of Virginia as one of the nation's leading institutions of higher learning. By identifying, eliminating, or reducing, where practicable, the conditions and practices which cause financial loss, and by maintaining a comprehensive risk financing program to protect the University against losses that occur, the Office of Property & Liability Risk Management will endeavor to protect the University from financial losses which could impede its mission.

We will accomplish our mission by utilizing proven risk management techniques: identify loss exposures throughout the University, analyze loss exposures to predict potential financial loss to the University, review of loss experience for the University, examine feasible risk management alternatives to reduce and finance losses, implement and monitor selected risk management measures.

The Office of Property & Liability Risk Management values its role as the University's manager of property & liability risks which, left unaddressed, could adversely affect the financial viability of the University and possibly impede its mission as an institution of higher learning. Our desire is to accomplish our mission by meeting specific goals and objectives that are supported by values and guiding principles such as meeting the needs of people, supporting the educational goals of the University, providing effective and timely service, promoting ethics and integrity through our work, encouraging personal growth of staff, and practicing good communication within and outside the department.

 

Our Services

Risk Financing - Maintain numerous insurance and self-insurance programs to protect the University and the University community against property and liability losses on Grounds and worldwide

Claims Management - Manage all property and liability claims that occur on University Grounds or arise from University operations worldwide—includes subrogation against third parties causing damage to University property

Loss Prevention - Provide risk management advice to the University community on all aspects of property and liability exposures, and provide advice on University contracts and agreements with respect to insurance, indemnification, liability limitations, and loss control.