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, we will endeavor to protect the University from financial losses which could impede its mission.
The Office of Property & Liability Risk Management will accomplish its 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. Read More.
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.