Foundation Risk Partners

Insurance brokerage and consulting, growth-focused

Senior Commercial Lines Account Executive

Insurance Sales & AgencyPosted on Nov 12

Full-timeTeaneck, NJ, USA$120k - $150k

About the Job

Requirements

A New Jersey Property and Casualty license is required.
Experience with AMS360 or EPIC is required.
Ten or more years of experience with real estate, construction, and manufacturing clients is highly preferred.
Candidates in the Eastern Time Zone are preferred; other time zones may be considered based on experience.

Responsibilities

Act as the account manager for approximately 20 domestic and international clients, managing their insurance and risk-management programs and placing traditional and non-traditional insurance.
Gather, summarize, and present renewal exposures before renewals of all property and casualty insurance lines.
Develop service requirements for potential insurance brokers and carriers; interview, vet, and select brokers to bid on insurance programs.
Design insurance policy language specifications, prepare renewal submissions, and provide them to the marketplace.
Review and analyze insurance proposals, negotiate coverage terms and premiums, and address additional underwriting questions from the marketplace.
Recommend insurance programs suited to clients’ exposures and risks.
Oversee placement of winning insurance bids and ensure binders, policies, and endorsements are issued correctly, requesting amendments as needed.
Manage clients’ day-to-day risk-management program needs, including their internal risk-management teams and insurance departments.
Report to client CFOs on implementation and management of corporate risk-control programs.
Counsel senior management on transactional risk exposures using economic models and risk-versus-benefit analyses.
Oversee insurance brokers and other third-party risk-management vendors to ensure they act in 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, and provide opinions using contractual risk-transfer methods.
Ensure compliance of insurance certificates requested by clients’ vendors and review certificates received from third parties for acceptability.
Schedule and coordinate carrier loss-control inspections and appraiser property valuations; address loss-control concerns and amend valuations with carriers based on appraisals.
Set up and train clients’ claims staff, review incoming first- and third-party claims, and report claims to the appropriate policies and carriers.
Run quarterly claims-review meetings to ensure efficient loss adjustment and appropriate reserve levels.
Create 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 reduce future occurrences.
Coordinate claims recovery and assist with loss adjustment to maximize client benefit and ensure appropriate payments are received.
Set up and manage captive insurance programs; present underwriting exposures, negotiate pricing, advise on cash management, and review financial statements.
For private-equity due-diligence projects, conduct pre-acquisition risk-management and insurance reviews of target companies and confirm acquisitions are free of problematic and costly insurance and risk-management issues.
Establish benchmarks for evaluating insurance transactions and offers.
Solicit competitive bids for new insurance coverage addressing newly acquired entities’ exposures.
Analyze, negotiate, and bind appropriate coverages.
Transition new entities into clients’ master programs where appropriate, or move coverage to a stand-alone program.
Manage portfolio companies after acquisition.
Create master property insurance programs for portfolio companies to maximize coverage terms and marketplace buying power.

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

This range represents the estimated low and high end of the salary range for this position. Actual salaries will vary and may be above or below the range based on factors including but not limited to performance, location, and experience. The range listed is just one component of FRP's total compensation package for employees.

Pay Transparency Range

$120,000—$150,000 USD

Disclaimer:

While this job description is intended to be an accurate reflection of the job requirements, management reserves the right to modify, add, or remove duties from particular jobs 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 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!

Pay Transparency Range 120000 - 150000 USD

About the Company

Foundation Risk Partners

Insurance brokerage and consulting, growth-focused

Foundation Risk Partners is an insurance brokerage and consulting firm that helps organizations manage risk by placing insurance coverage and providing risk-management advice. It grows by acquiring other firms and expanding services across regions to build a mix of industry expertise, coverage options, specialized services, locations, and aligned values. Its products work by assessing a client’s risk needs, designing a tailored insurance program, placing coverage with carriers, and offering ongoing support such as claims handling and renewal analysis. What sets it apart from competitors is its deliberate growth strategy that combines multiple specialties, a wide regional footprint, and a focus on cultural fit and partner alignment to deliver comprehensive, client-focused results. The company’s goal is to help its partners reach higher levels of success while delivering superior protection and service to clients through integrated risk solutions and coordinated growth.

Company size: 501-1,000
Company stage: Debt Financing
Total funding: $2M
Headquarters: Daytona Beach, FL
Founded: 2017

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