Title: Insurance Specialist
Office Status: NYC or Jericho, NY
Pay Rate: $28
Contract Length: Not specified
Overview:
The Insurance Specialist supports the lending organization by reviewing insurance coverage associated with commercial loans and real estate-secured transactions. This role ensures required property, liability, and flood coverage is in place before closing and remains compliant with applicable regulations and internal credit standards. The position works closely with lenders, lending support, compliance, loan servicing teams, and insurance providers to resolve coverage issues and protect the Bank’s interests.
Key Responsibilities:
- Review insurance requirements for new loans, modifications, renewals, and other lending transactions prior to closing.
- Evaluate property, casualty, liability, and flood insurance policies for required coverage, limits, and compliance.
- Conduct pre- and post-closing reviews of loans secured by real estate, including verification of flood determinations and required documentation.
- Identify and resolve insurance deficiencies, discrepancies, and coverage gaps in coordination with lenders, internal teams, and insurance agencies.
- Monitor policy information, expiration dates, coverage requirements, flood-zone changes, and other relevant documentation.
- Perform portfolio reviews and insurance-related audits as requested.
- Support regulatory examinations and reviews, including preparation of documentation and responses related to insurance compliance.
- Research changes to federal flood and insurance requirements and assist with updating procedures, policies, and lender guidance.
- Escalate potential regulatory or compliance concerns appropriately.
- Complete required BSA training and report suspected criminal activity or attempts to circumvent BSA reporting requirements in accordance with Bank procedures.
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