Construction Executive Job Location:Century City, CA. Estimated Cash Compensation: Unspecified
Job Description:
The Vice President (VP) of Risk Management is a key position for the company. The VP will provide guidance for maximizing the economic benefit and minimizing losses of the SAAHP portfolio through insurance products. The VP will report to, and work closely with, the Senior Vice President - Director of Asset Management and coordinate with all internal departments, partners and managing agents.
The primary objectives of the VP are to protect the economic value and minimize loss of the company�s existing developments through proper analysis, placement, and management of all forms of insurance coverage. These objectives are achieved through effective monitoring, evaluation and analysis of property insurance market conditions and familiarity of the existing portfolio.
Essential Functions:
- Be familiar with Affordable Housing�s: Portfolio & ownership structure.
- Normal three tier tax credit assets.
- Replacement GP assets.
- Market Rate assets
- Loss history/risk profile.
- Policy language/conditions & terms.
- Partnership agreements (standard form & variations, especially environmental and casualty/GL variations).
- Be familiar with insurance market including:
- Real property insurers (and their specific product offerings).
- Bidding procedures.
- Claims procedures, including:
- Rebuilding/general contractor progress payment processing (especially fire and windstorm casualties).
- Business interruption interim payments.
- Personal injury claims against real property owners.
- Environmental insurance and mold coverage:
- Blanket policy for SHFs.
- Specific property policies working with general partners/lenders.
- Earthquake Insurance:
- Blanket policy for SHFs.
- Specific property policies working with GPs & lenders.
- Forced placement (blanket program).
- Impairment insurance (Lloyds).
- Captive insurance for real property portfolio companies.
- Builders� risk.
- Casualty & General Liability:
- Blanket policy (replacement GP portfolio).
- Specific property policies (advising GPs).
- Coordinate outside consultants, developer partners, and Affordable
Housing departments (including construction services, asset management, brokers, insurers, coverage counsel, senior management, and where applicable, our GPs) to Negotiate new coverage based on portfolio needs.
- Blanket policies.
- Programmatic recommendations for new properties.
- Renew existing coverage based on market and insurer performance/financial ratings:
- Blanket policies.
- Specific properties/GPs.
Monitor:
- Initial coverage upon acquisition.
- Builders� risk upon construction start.
- Casualty upon issuance of CO.
- Compliance with coverage and insurer requirements specified in partnership agreements (which vary as form changed over time). Coordinate with asset managers (or construction services) to notify GPs (& their brokers) of noncompliance, and force placement when necessary.
- Develop and monitor database and tickler system for all property policies.
Claims Management:
- Advise GPs on best practices, suggested consultants & counsel (especially on replacement GP portfolio).
-Monitor GPs� claim handling: Coordinate with GPs, &, especially in replacement GP portfolio, Construction Services/Asset Management on casualty rebuilds. Expect annually about 4 properties will have significant ($1MM plus) fire rebuilds, & several properties will have significant windstorm damage.
- Coordinate with GPs & legal department on personal injury/GL claims. Assure notices, and assignments, to insurer�s coverage counsel, and monitor specific claims for potential coverage insufficiencies.
- Pro-actively Manage Potential Insurance Gaps (Review Affordable Housing�s existing policies and procedures).
About The Employer:
American International Group, Inc. (AIG) is the world's leading international insurance and financial services organization, with operations in more than 130 countries and jurisdictions. AIG member companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In the United States, AIG companies are the largest underwriters of commercial and industrial insurance and AIG American General is a top-ranked life insurer. AIG's global businesses also include retirement services, financial services and asset management. AIG's financial services businesses include aircraft leasing, financial products, trading and market making.
AIG's growing global consumer finance business is led in the United States by American General Finance. AIG also has one of the largest U.S. retirement services businesses through AIG SunAmerica and AIG VALIC, and is a leader in asset management for the individual and institutional markets, with specialized investment management capabilities in equities, fixed income, alternative investments and real estate. AIG's common stock is listed in the U.S. on the New York Stock Exchange and ArcaEx, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
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