Sr Account Executive
Teaneck, New Jersey
Employer: Transforce
Industry:
Salary: Competitive
Job type: Full-Time
Foundation Risk Partners, one of the fastest growing insurance brokerage and consulting firms in the US, is adding a Senior Account Executive to their MSG team in Teaneck, NJ Metro Region.
Job Summary:
This position will act as the outsourced risk manager for approximately 20 domestic and international clients with combined annual property and casualty insurance premiums of over $30 Million. Client industries include construction, real estate, manufacturing, and hospitality and others. Manage the insurance and risk management programs of those clients including the placement of all traditional, non-traditional insurance and surety products for all clients.
Essential Functions:
Job Summary:
This position will act as the outsourced risk manager for approximately 20 domestic and international clients with combined annual property and casualty insurance premiums of over $30 Million. Client industries include construction, real estate, manufacturing, and hospitality and others. Manage the insurance and risk management programs of those clients including the placement of all traditional, non-traditional insurance and surety products for all clients.
Essential Functions:
- Risk Management renewal responsibilities include:
- Gathering, summarizing and presenting all renewal exposures prior to the renewal of all lines of property and casualty insurance coverage
- Develop service requirements for potential insurance brokers and carriers; Interview, vet and select the insurance brokers requested to bid on the insurance programs
- Design insurance policy language specifications; Prepare insurance renewal submissions and provide them to the marketplace
- Review and analyze all insurance proposals and negotiate the terms of coverage as well as premiums and address any additional underwriting questions from the marketplace
- Recommend to clients the insurance programs best suited for their particular exposures and risks
- Oversee the placement of winning insurance bids; ensure binders, policies and endorsements are issued correctly and if not, request the necessary amendments to be mad
- Manage the day to day needs of clients' risk management programs which include:
- Manage clients' internal risk management team/insurance departments
- Report to CFO on implementation and management of clients' corporate risk control programs
- Counsel senior management on transactional risk exposures through use of economic models and risk vs. benefit analyses
- Responsible for overseeing all insurance broker and other third party risk management vendors to ensure they are working in clients' best interests
- Set up and coordinate clients' disaster recovery and business continuity plans
- Review, draft and negotiate the insurance provisions in, and provide opinion on, all vendor contracts, leases, loans and other types of contracts using all methods of contractual risk transfer
- Ensure compliance of insurance certificates requested by vendors of clients and also review certificates received by clients from various third parties to ensure acceptability
- Schedule and coordinate all loss control inspections by insurance carriers, as well as property valuations by appraisers; Address any loss control concerns and amend valuations with carriers based on appraisals
- Set up and train clients' claims staff as well as review all incoming first party and third party claims; Report all claims to the appropriate policies and insurance carriers
- Run quarterly claims review meetings to ensure all losses are being adjusted in an efficient manner and that all reserves are set at appropriate levels
- Create a loss pick and forecasting models using current Loss Cost Factors to anticipate claim trends
- Review loss frequency and severity by claim type to establish patterns and use that knowledge to decrease future occurrences
- Coordinate the claims recovery process and assist in the adjustment of all losses for clients' maximum benefit and ensure receipt of appropriate payments
- Set up and manage captive insurance programs; present underwriting exposures negotiate pricing, advise on cash management and perform financial statement review
- Due Diligence project team for Private Equity clients. Responsibilities include:
- Pre-acquisition risk management and insurance reviews of the target company. Confirm the acquisition is free of problematic and costly insurance and risk management issues
- Establish benchmarks to evaluate insurance transactions and offers
- Solicit competitive bids for new insurance coverage to address the newly acquired entity's exposures
- Analyze, negotiate and bind the appropriate coverages
- Transition new entity into clients' master programs if appropriate, otherwise move the coverage onto a stand-alone program
- Post-acquisition portfolio company management
- Create Master property insurance programs for portfolio companies to maximize terms of coverage and buying power in the marketplace
- New Construction practice. Duties included:
- Design the insurance specifications for residential and commercial ground up and rehabilitation projects ranging in size from $100 Million to $2 Billion
- Oversee the acquisition and management of all insurance policies including the construction liability and builders risk policies for both traditional insurance programs and Wrap-Up (OCIP & CCIP) programs
- Transition the completed projects onto either stand-alone policies or onto the clients' master insurance programs
- NJ P&C license
- ASM360 or EPIC
- 15+ years experience with construction, real estate, manufacturing, and hospitality - highly preferred
- Remote role - prefer EST candidates but will consider other time zones based on level of experience
Created: 2024-09-10
Reference: ihoQXl1rAc0Y
Country: United States
State: New Jersey
City: Teaneck
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