Senior Commercial Lines Account Executive

About the role

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 account 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 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

Competencies & Qualifications

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

Benefits

FRP offers a comprehensive range of health-related benefit options including medical, vision, and dental. We offer a 401(k) with company match, company paid life insurance, STD, LTD and a generous PTO policy starting at 18 days per year plus 10 paid holidays & 2 floating holidays!