Intern - Risk Management and Insurance
Our Vision: To make New York City the global model for inclusive innovation and economic growth, fueled by the City’s diverse people and businesses.
Our Mission: To create shared prosperity across New York City’s five boroughs by strengthening neighborhoods and growing good jobs.
The Risk Management and Insurance Department resides in the Finance division and reports into the EVP of Finance and CFO. It works with all the various business units within the company, including Asset Management (building management and/or lease administrator of the City's physical properties and assets), Capital (the project management function that supports the City's agencies with construction and other projects), Real Estate Transactions Services, and intercompany departments like Strategy, Initiatives, and Ports and Transportations. The department also works with the Legal, Internal Audit, Finance & Accounting departments within the company to support our internal clients.
Your Role: The intern would be involved in the review of insurance certificates with the various business units, work with brokers to review contracts (based on level of intern’s experience), analyze the risks of a particular project, process invoices within our internal accounts payable system and allocate to business units accordingly, check that policies and endorsements were processed correctly, manage broker open items, review insurance waiver/modification requests, captive administration and the process of adding new coverages, and assist with active RFP and transition to a new broker(s) depending on the outcome of the RFP. There will be exposure to many types of projects and to the day-to-day needs of a large and complex business that is integral to the NYC's economic and development goals.
Hours: 35 hours per week for 9 weeks if full-time; 21 hours a week part-time option is available. Intern could start as soon as approved or be a summer intern.
Essential Duties & Responsibilities:
- Reviews and executes insurance modification and waiver requests when our contractors request lower levels of insurance depending on the type of activity and risk of the scope of services.
- Negotiation of leases, licenses/permits, operating agreements, and various other special projects (i.e. NYC Ferry) with third parties
- Analyze the corporation's risks and liabilities on an ongoing basis and for specific projects and then place insurance if it is financially feasible and/or pass risk to third parties where possible. Policies include property, casualty, workers compensation, fidelity, auto, watercraft/P&I, crime, NFIP and commercial flood, terrorism/active shooter, and pollution, equipment floater, and privacy/cyber liability.
- Interface with brokers to review contracts and insurance requirements
- Assist the business units with general insurance questions, including training for internal colleagues on how to review a certificate of insurance and set up processes to enforce risk management best practices
Requirements & Qualifications:
- Working towards a either an undergraduate or graduate degree in risk management, insurance, or a related field
- Proficiency working with Microsoft Office suite (Excel and Outlook required)
- Strong analytical and critical thinking skills
- Ability to multi-task and respond quickly to requests for information
About NYCEDC: New York City Economic Development Corporation is the City’s primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC’s mission is to stimulate job growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City’s competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City’s many opportunities. Additional information on NYCEDC can be found by visiting http://www.nycedc.com/.