Sr Commercial Lines Account Executive

Foundation Risk Partners, one of the fastest growing insurance brokerage and risk management consulting firms in the US, is adding a Senior Account Executive to their Risk Management Consulting Practice in the 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, private equity 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

Additional Skillsets/Job Functions

• 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

Competencies & Qualifications: 

• NJ P&C license
• AMS360 or EPIC 
• 10+ years experience with construction, real estate and manufacturing client - highly preferred
• Remote role - prefer EST candidates but will consider other time zones based on level of experience