The VP of Construction Risk is a strategic leader of the organization’s Development and Construction risk and insurance department. This role is critical in ensuring that construction projects are conducted with minimal financial and operational risks, providing protection through effective insurance strategies and risk management practices.

The individual must manage strategic business issues, contribute to the senior team, and drive efficiency, cost management, and profitability. The candidate should possess a strategic mindset, sound business acumen, and an understanding of business drivers to elevate the organization. Excellent people leadership is essential, both with direct teams and in influencing others. The organization’s success relies on employees’ abilities and willingness to delve beyond surface-level tasks. A leader with a collaborative, customer-facing attitude will thrive in this role.

The VP of Construction Risk must also possess a strong background in a large development with owner contractor or a construction background. Multi-family is helpful, however being in an organization that deals with habitational risk (ie hotels) could also work. This individual will set the strategy for the construction and development team and needs to be able to navigate high risk markets and have a good deal of broker management.

Responsibilities:

1.     Risk Assessment and Analysis:

·        Conduct comprehensive risk assessments for construction projects, considering various factors such as project scope, location, regulatory requirements, and environmental considerations.

·        Analyze potential risks related to construction activities, third-party liabilities, and other factors that may impact the project.

2.     Insurance Program Development:

·        Design and implement insurance programs tailored to specific construction projects and organizational needs.

·        Management and optimization of the OCIP

·        Strategic utilization of the organization’s captive insurance program.

·        Collaborate with insurance brokers to negotiate favorable terms, coverage, and premiums for construction-related insurance policies.

3.     Claims Management:

·        Oversee the claims management process, working closely with project managers, contractors, insurance providers, and third-party vendors to facilitate efficient and fair claims resolution.

·        Ensure compliance with insurance policies and regulatory requirements during the claims process.

·        Coordinate with EH&S to identify and mitigate claims trends and other loss exposures.

4.     Contract Review and Compliance:

·        Review construction contracts to identify and mitigate potential risks through appropriate insurance coverage.

·        Ensure that construction projects comply with insurance requirements stipulated in contracts and legal regulations.

5.     Strategic Planning:

·        Develop and implement strategic risk management plans for construction projects, aligning with the organization's overall risk tolerance and business objectives.

·        Provide recommendations to senior management regarding risk mitigation strategies and insurance coverage enhancements.

6.     Communication and Collaboration:

·        Communicate effectively with internal stakeholders, including project managers, safety teams, 

finance teams, legal teams, and executives, to ensure a cohesive risk management approach.

·        Collaborate with external parties, such as insurance brokers, underwriters, and regulatory authorities, to stay informed about industry trends and regulatory changes.

BASIC KNOWLEDGE & QUALIFICATIONS:

•       Bachelor's degree in Risk Management, Insurance, Business, or a related field. Master's degree or relevant professional certifications (e.g., ARM, CRM, CPCU) may be preferred.

•       15+ years proven experience in construction risk management and insurance, with a focus on large-scale projects.   Preferably in multi-family real estate.

•       Strong knowledge of construction industry regulations, insurance products, and risk management principles.  International experience preferred.

•       Experience utilizing captive insurance vehicles and other risk finance methods to retain losses.

•       Excellent negotiation and communication skills, with the ability to interact with diverse stakeholders.  Strong executive presence.

•       Analytical mindset and proficiency in data analysis tools to assess and quantify risks.