Insurance and Risk Management Director jobs in New Jersey

Move forward with us! At NJ TRANSIT, you'll join us in transforming the third-largest transportation agency in North America. We are committed to delivering safe, reliable service that gets customers to their destinations on time and we're looking to hire talented folks with a love of learning to make it all possible.

Summary

This position assists with the evaluation of risk, development of risk control strategies, review and negotiation of indemnification and insurance issues for all projects, and the annual corporate insurance renewal. Risk Management is involved with each and every project in the Capital Plan and outside of the Capital Plan. The primary mission of Risk Management is to protect the assets of NJ TRANSIT.

Roles and Responsibilities :

• Performs risk assessment to identify loss exposures and business risks associated with these exposures in terms of both expected frequency and severity.
• Develops risk control strategy to minimize loss exposures with assistance from NJ TRANSIT's Bus, Rail and Light Rail Safety Department.
• Evaluates risk transfer options, including purchasing of commercial insurance, utilization of NJ TRANSIT's captive insurance company and execution of third-party indemnification agreements.
• Procures commercial insurance for the corporation, prepares submission information, attends meetings with underwriters, evaluates coverage options, negotiates terms and conditions of policies through insurance broker.
• Assists in management of NJ TRANSIT's captive insurance company through serving on its Board of Directors.
• Recommends methods to increase capitalization of captive insurance company and viable opportunities to enter into risk transfer agreements with NJ TRANSIT.
• Develops, procures and monitors wrap-up insurance programs for NJ TRANSIT's construction projects.
• Prepares submission information, attends meetings with underwriters, negotiates coverage terms and conditions, monitors claims administration and safety services throughout program and acts as liaison between the project manager and the insurance carriers.
• Analyzes high value claims arising out of wrap-up insurance programs, and advises insurance carriers on course of action, reserves, strategies, liability and litigation deadlines.
• Prepares Board Items to NJ TRANSIT's Board of Directors, recommending purchase of commercial insurance, creation of wrap-up insurance programs and ability to contract with insurance brokers for risk management services.
• Reviews and negotiates contracts regarding insurance and indemnifications issues between third-parties, including other railroads, commercial tenants, municipalities and other transportation agencies.
• Reviews insurance and indemnification clauses in bid documents to ensure NJ TRANSIT's assets are properly protected when contracting with third-parties.
• Develops and implements reporting procedures for excess insurance carriers.
• Directs collection recoveries against third-parties resulting from damage to NJ TRANSIT property.
• Directs the Risk Management Information System (RIMS) and annual audit process to provide accurate and on-time claim and safety reports for all user departments.

Education, Experience, and Qualifications:

• Bachelors Degree in Liberal Arts, Business Administration or related area or equivalent
• Seven (7) or more years of applied experience in Risk Management/Claims.

Knowledge and Skills:

• The ability to analyze, interpret and create contracts, review and evaluate insurance coverage and exclusions is required.
• Strong oral presentation and written skills, proficiency in Microsoft Word, Excel, and Power Point and CS STARS or equivalent risk management system is required.
• Jurist Doctorate may be substituted for three (3) years of applied experience.

At NJ TRANSIT you will enjoy a competitive salary and excellent benefit package :

• Comprehensive Family Health Insurance - Medical, Prescription, Dental, Vision
• Flexible Spending Account
• Life Insurance
• Paid Leave
• 401(a), 401(b), 401(k) Retirement Plans - up to 9% employer contribution
• Tuition Assistance
• Commuter Benefits

At NJ TRANSIT we support and depend upon the diversity of our staff. NJ TRANSIT is an Equal Opportunity Employer.

About the Company:
NJ Transit

Company Size:
10,000 employees or more

Industry:
Travel, Transportation and Tourism

Founded:
1979

Website:
http://njtransit.com