Reports to Director, Global Insurance
The Insurance department procures and manages the Company’s Global Insurance Risk Management Program to protect the company against various property, liability, employee and financial risks. The Insurance team is responsible for identifying and assessing risks on an entity level and designing and implementing a robust insurance mitigation program; marketing the insurance programs and negotiating pricing and terms as well as reviewing legal agreements to limit the Company’s exposure to loss and assure regulatory and contractual compliance. The team also maintains broker and insurer relations and acts as a resource to the business units on insurance matters, including coverage interpretation and risk transfer tools. This position will have an opportunity to progress in terms of responsibility and title.
This position will be responsible for assisting with the oversight of the global risk and insurance management program. These responsibilities include, but are not limited to, identification and assessment of risks, insurance coverage placement and management, compliance with local regulatory requirements related to insurance, contract review, administration of claims and budgeting and accounting for the risk management insurance program for all domestic and foreign subsidiaries and affiliates. The ideal candidate will be a seasoned insurance professional with a strong knowledge of the best practices and procedures surrounding global insurance and risk management, as it relates to offshore E&P drilling and operations. The candidate will be expected to develop the global risk management insurance program to proactively protect the Company’s assets and strategic goals. The position requires a detail-oriented person, with excellent written, analytical and verbal communication skills, as well as a demonstrated commitment to the risk management discipline.
Essential Job Duties
- Manage international insurance programs including assistance in marketing, strategy, underwriting data collections, risk analysis, pricing and terms.
- Integrate new properties, developments and acquisitions
- Assist with insurance procurement, renewals, policy reviews, audits, claim management.
- Maintain Company’s insurance database and support documents including risk and exposure summaries, well and property schedules, etc.
- Support contract insurance exhibit reviews during contract negotiations with vendors.
- Develop management reports that effectively identify and inventory the Company’s insurance programs, including risk and loss summaries.
- Develop insurance budgets, forecasts, and allocation methodology for risk program expenses.
- Utilize industry benchmarking to determine competitive premiums, appropriate limits and retentions.
- Participate in claim settlement negotiations and make recommendations regarding the adjustment and settlement of claims to ensure timely closure at optimal cost.
- Special projects as needed