Sr Account Executive

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: * 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 * 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: 2024-10-22