Foundation Risk Partners
Senior Commercial Lines Account Executive
Foundation Risk Partners, Teaneck, New Jersey, United States
Overview
Senior Commercial Lines Account Executive at
Foundation Risk Partners . Foundation Risk Partners is a growing insurance brokerage and risk management consulting firm seeking a Senior Account Executive for the 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, among others. Manage the insurance and risk management programs of those clients including the placement of all traditional and non-traditional insurance for all clients. Responsibilities
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 brokers requested to bid on the insurance programs. Design insurance policy language specifications; prepare renewal submissions and provide them to the marketplace. Review and analyze all insurance proposals; negotiate terms of coverage as well as premiums and address underwriting questions from the marketplace. Recommend to clients the insurance programs best suited for their exposures and risks. Oversee the placement of winning insurance bids; ensure binders, policies and endorsements are issued correctly and, if not, request necessary amendments. Manage the day-to-day needs of clients’ risk management programs, including: Manage clients’ internal risk management teams/insurance departments. Report to CFO on implementation and management of clients’ corporate risk control programs. Counsel senior management on transactional risk exposures through economic models and risk–vs–benefit analyses. Oversee all insurance brokers and other third-party risk management vendors to ensure they are acting in the clients’ best interests. Set up and coordinate clients’ disaster recovery and business continuity plans. Review, draft and negotiate insurance provisions in vendor contracts, leases, loans and other contracts using contractual risk transfer methods; provide opinions on these provisions. Ensure compliance of insurance certificates requested by vendors and review certificates from third parties for acceptability. Coordinate loss control inspections by carriers, property valuations by appraisers, and address loss control concerns with carriers; amend valuations as needed. Set up and train clients’ claims staff; review all incoming first-party and third-party claims; report claims to appropriate policies and carriers. Run quarterly claims review meetings to ensure losses are adjusted efficiently and reserves are appropriate. Create loss pick and forecasting models using current Loss Cost Factors to anticipate claim trends. Review loss frequency and severity by claim type to identify patterns and reduce future occurrences. Coordinate the claims recovery process and assist in the adjustment of losses for 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, including pre-acquisition risk management and insurance reviews to identify problematic issues. Establish benchmarks to evaluate insurance transactions and offers. Solicit competitive bids for new coverage to address newly acquired entity’s exposures. Analyze, negotiate and bind appropriate coverages; transition new entities into master programs or stand-alone programs as appropriate. Post-acquisition portfolio company management; create master property insurance programs for portfolio companies to maximize terms and buying power. Competencies & Qualifications
NJ P&C license AMS360 or EPIC 10+ years of experience with real estate, construction and manufacturing clients (highly preferred) Preference for EST candidates but open to other time zones based on experience Salary range is a component of FRP's total compensation package and may vary based on performance, location and experience. Pay Transparency Range:
$125,000 - $225,000 USD . Disclaimer
While this job description is intended to reflect the requirements of the role, management reserves the right to modify, add, or remove duties and to assign other duties as necessary. Equal Employment Opportunity (EEO)
FRP provides equal employment opportunity to qualified persons regardless of race, color, sex, religion, national origin, age, sexual orientation, gender identity, disability, veteran status, or any other classifications protected by law. Benefits
FRP offers a comprehensive range of health-related benefits including medical, vision, and dental. We offer a 401(k) with company match, company-paid life insurance, short-term and long-term disability, and a generous PTO policy starting at 18 days per year plus 10 paid holidays and 2 floating holidays.
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Senior Commercial Lines Account Executive at
Foundation Risk Partners . Foundation Risk Partners is a growing insurance brokerage and risk management consulting firm seeking a Senior Account Executive for the 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, among others. Manage the insurance and risk management programs of those clients including the placement of all traditional and non-traditional insurance for all clients. Responsibilities
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 brokers requested to bid on the insurance programs. Design insurance policy language specifications; prepare renewal submissions and provide them to the marketplace. Review and analyze all insurance proposals; negotiate terms of coverage as well as premiums and address underwriting questions from the marketplace. Recommend to clients the insurance programs best suited for their exposures and risks. Oversee the placement of winning insurance bids; ensure binders, policies and endorsements are issued correctly and, if not, request necessary amendments. Manage the day-to-day needs of clients’ risk management programs, including: Manage clients’ internal risk management teams/insurance departments. Report to CFO on implementation and management of clients’ corporate risk control programs. Counsel senior management on transactional risk exposures through economic models and risk–vs–benefit analyses. Oversee all insurance brokers and other third-party risk management vendors to ensure they are acting in the clients’ best interests. Set up and coordinate clients’ disaster recovery and business continuity plans. Review, draft and negotiate insurance provisions in vendor contracts, leases, loans and other contracts using contractual risk transfer methods; provide opinions on these provisions. Ensure compliance of insurance certificates requested by vendors and review certificates from third parties for acceptability. Coordinate loss control inspections by carriers, property valuations by appraisers, and address loss control concerns with carriers; amend valuations as needed. Set up and train clients’ claims staff; review all incoming first-party and third-party claims; report claims to appropriate policies and carriers. Run quarterly claims review meetings to ensure losses are adjusted efficiently and reserves are appropriate. Create loss pick and forecasting models using current Loss Cost Factors to anticipate claim trends. Review loss frequency and severity by claim type to identify patterns and reduce future occurrences. Coordinate the claims recovery process and assist in the adjustment of losses for 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, including pre-acquisition risk management and insurance reviews to identify problematic issues. Establish benchmarks to evaluate insurance transactions and offers. Solicit competitive bids for new coverage to address newly acquired entity’s exposures. Analyze, negotiate and bind appropriate coverages; transition new entities into master programs or stand-alone programs as appropriate. Post-acquisition portfolio company management; create master property insurance programs for portfolio companies to maximize terms and buying power. Competencies & Qualifications
NJ P&C license AMS360 or EPIC 10+ years of experience with real estate, construction and manufacturing clients (highly preferred) Preference for EST candidates but open to other time zones based on experience Salary range is a component of FRP's total compensation package and may vary based on performance, location and experience. Pay Transparency Range:
$125,000 - $225,000 USD . Disclaimer
While this job description is intended to reflect the requirements of the role, management reserves the right to modify, add, or remove duties and to assign other duties as necessary. Equal Employment Opportunity (EEO)
FRP provides equal employment opportunity to qualified persons regardless of race, color, sex, religion, national origin, age, sexual orientation, gender identity, disability, veteran status, or any other classifications protected by law. Benefits
FRP offers a comprehensive range of health-related benefits including medical, vision, and dental. We offer a 401(k) with company match, company-paid life insurance, short-term and long-term disability, and a generous PTO policy starting at 18 days per year plus 10 paid holidays and 2 floating holidays.
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