Property

The Commonwealth’s insurance provides full coverage, less a $1,000 deductible for loss of University-owned or insured property due to most perils and causes of loss. If you have sustained a loss to University property, please go to our reporting page for what to do. Personal property is not covered by the Commonwealth. More information can be found below.

University Property

The Commonwealth’s Risk Management Plan provides coverage for losses to University-insured property, with a departmental deductible of $1,000. If you have sustained a loss to University-insured property, contact the Office of Risk Management. The Plan also provides coverage for University Owned property in transit.

Property of Others and Virginia Tech

The University's property insurance can be extended to cover the property of others, under the university’s care, custody and control under limited and specific circumstances. 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

The property of a third party cannot be insured by Virginia Tech without a written obligation to do so. If relevant, review Procurement procedures for Equipment Demonstration and/or Loan Equipment.

Personal Property

The personal property of faculty, staff, students, contractors and visitors is excluded from the University's property insurance coverage, but can often be covered by an individual's homeowners or renter’s insurance or through a third party's business 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.

Short-Term Rentals

Virginia Tech employees often rent buildings, space, or procure hotel rooms at their own expense and seek reimbursement from the University for their costs incurred. This is done at the employee's risk, and the employee should evaluate whether, based on the risks involved and their own risk tolerance, they want to pursue additional protections. Such additional costs for damages and other expenses are not guaranteed to be reimbursable by the University.

Contact the Office of Risk Management or the Controller's Office for additional information.

Boiler and Machinery

The Commonwealth’s insurance program provides for full coverag of boilers and other types of machinery, also known as equipment breakdown coverage. Departments will be charged a $5,000 deductible for all such claims.

Aircraft

The Commonwealth’s insurance program provides for airport liability coverage as well as full hull coverage for aircraft. Arrangements should be made during acquisition or contracting by contacting the Office of Risk Management. Please be prepared to provide the value of the aircraft in addition to the hull make, size, number of seats, and identification number.

Contact the Office of Risk Management prior to utilization of any non-commercial aircraft.

Watercraft

Many watercraft can be insured through the University's existing insurance program. Boats in excess of 26 ½ feet require additional attention and insurance, and the cost of such insurance will be borne by the department. Arrangements should be made during acquisition by contacting the Office of Risk Management. Be prepared to provide the value of the watercraft in addition to the hull make, size and identification number.

Contact the Office of Risk Management prior to putting the watercraft in service.

Fine Arts

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.