This means that a JVM can fail in either of these distinct components and apart from the runtime an error can be narrowed down by selecting a different compiler. eg java -client or java -server.
The JVM will try and help diagnose a crash for you, it will print out a stack trace and try and work out if the current instruction was inside its code or a native library that it had loaded. The JVM traps many unix signals and generating a SEGV, which would be fatal to a normal app is part of the mechanism hotspot uses to allocate memory.
If the pc occurs in a native library then that is most likely that library at fault or the library is interferring with the JVM.
For more advanced notes see the Sun troubleshooting guide