This position is in the agency’s Treasury department and plays a critical role in aiding in the protection of the agency’s balance sheet through contractual risk transfer, insurance placement and policy administration. The incumbent will work across the agency, serving as the insurance subject matter expert for major projects that keep the region moving!
Responsibilities
Leads complex contract reviews, performing coverage evaluations and assessments
Establishes and negotiates third-party coverage requirements
Aggregates, analyzes and presents underwriting data and information
Leads procurement of insurance services including brokers, actuaries and more
Manage relationships with internal stakeholders and third parties, including but not limited to brokers, insurers, adjusters, attorneys
Review complex contracts to identify, assign and quantify risks
Verify the adequacy and maintenance of insurance coverages
Recommend insurance language for contracts
Negotiate contractual risk transfer with both internal and external stakeholders
Assist with and/or lead the procurement of brokerage services
Contributes to Port Authority insurance renewals, including data gathering and analysis to support underwriting disclosure for insurers/reinsurers
Interact with insurance brokers, claims adjusters and attorneys
Prepare Board material for authorization of procurement of insurance products and services
Maintain data and information within the Risk Management Information System (RMIS), databases and different technology platforms
Prepare and/or participate in ad hoc risk related projects and reports
Minimum Qualifications
Must be able to efficiently review contracts and comprehend legalese
Be knowledgeable in construction-related insurance as well as insurance coverage needed for operations at Port Authority facilities
Bachelor’s Degree in Risk Management, Finance, Economics, Business Administration, Law, or a related field and a minimum of five (5) years of experience in contractual risk analysis; or an Associate’s degree in Risk Management, Finance, Economics, Business Administration, Law, or related field and a minimum of seven (7) years contractual risk analysis experience for large/complex entities like the Port Authority; or a High School Diploma and minimum of ten (10) years contractual risk analysis experience for large/complex entities like the Port Authority
Exercise sound judgment in determining appropriate risk transfer and any exceptions to requirements that can be granted
Perform risk assessments
Interacts effectively with internal and external clients
Excellent verbal and written communication and presentation skills
Strong customer service skills
Demonstrated ability to prepare formal presentations
Exceptional analytical skills with attention to detail
Must work independently and as part of a team
Adept at managing multiple projects under tight deadlines
Strong PC skills including Excel, Word, PowerPoint and Riskonnect
Desired Qualifications
College degree in Risk Management, Finance, Economics, Business Administration, Law, or related field
Insurance designations including ARM, CPCU, CRM, CIC, RIMS-CRMP or others a plus
The application process varies by position but typically includes an initial phone interview for qualified candidates, followed by a more in-depth interview(s) and/or assessment(s). Selected candidates who are made a conditional job offer will be asked to undergo a background check.
Compensation & Benefits
The Port Authority of New York and New Jersey offers a competitive benefits package, hybrid work options for many positions, and a professional environment that supports development and recognizes achievement.
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