Risk Management-Property Loss

The Commonwealth of Virginia's Risk Management Plan covers property owned by James Madision University. The property coverage DOES NOT cover the personal property of students, faculty or staff.

Loss can include:

• Fire
• Flood
• Lightning
• Theft
• Or other forms of physical damage

NOTE: Losses typically exclude glass breakage and tree removal unless the tree has fallen on a building

For information on how to submit a Property Loss Claim, visit Guidelines for Property Loss.

For more information on property loss, refer to the Risk Management Handbook

Property Loss Information

The Property Loss Coverage portion of the Risk Management Plan works on a reimbursement basis. When a loss is experienced and before the claim can be submitted to the Division of Risk Management, the item(s) must be either repaired or replaced at the expense to the department which experienced the loss.

Each property loss claim is subject to a $10,000 deductible. If a claim is projected to be $0.00 -$9,999, there would be no reimbursement for the loss or damage. In such cases, no claim should be submitted.

State agencies have two (2) years from the date of a loss to submit all information for a Property Loss or Damage claim.

For information contact Risk Management at 540.568.7812