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Then tag items will be place under Tagged folder section, then a moderator that is assign for that section will get the report (Alert). I do not know if all moderators are sent 'Alerts' or is this for assign forum section...
If the other moderator is away for a period of time (more then three days), then it automatically falls into who is online and or second on the list of moderators.
If it is tagged, then you (as a moderator) will know quickly what takes priority.