The Insurance Specialist will assess insurance policies for properties in the lending portfolio, ensuring adequate coverage, verifying documentation, and collaborating with various stakeholders to mitigate risks and comply with insurance requirements.
Insurance Specialist
Who We Are
Renovo Financial is a dynamic and fast-growing private lender and mortgage servicer based in Chicago, dedicated to partnering with real estate investors who acquire and renovate single and multi-family residential properties. We take pride in delivering exceptional support to our clients, guiding them seamlessly from loan application to pay off with a commitment to unparalleled service. Our focus on reliability and a “win-win” approach has earned us an industry-leading repeat and referral rate, reflecting the strong relationships we build with our clients.
Position Summary
The position of an Insurance Specialist will play a crucial role in assessing insurance policies associated with the properties in Renovo’s lending portfolio. The right candidate will ensure that the properties we lend against are adequately insured, mitigating potential risks and safeguarding our investments. Your attention to detail, analytical skills, and knowledge of insurance policies will be essential in helping the team make informed lending decisions. This role will work directly with the Insurance Director.
Responsibilities
Policy Analysis
· Review and analyze insurance policies provided by borrowers to verify that they meet the company's insurance requirements. This includes examining Carriers, coverage types, limits, deductibles, and policy terms
Coverage Adequacy
· Assess whether the insurance coverage on properties aligns with the associated risks and loan terms. Identify any gaps or discrepancies that could expose the company to unnecessary risk
Documentation Verification
· Ensure that all insurance documentation submitted by borrowers is complete, accurate, and up to date. Request any missing or outdated information as needed
Communication
· Collaborate with borrowers, insurance agents, Insurance Carriers, and internal teams to address inquiries related to insurance requirements, policy details, and documentation
Risk Assessment
· Evaluate the potential impact of property-related risks on the company's lending portfolio. Provide recommendations to the underwriting team regarding risk mitigation strategies
Policy Compliance
· Monitor and ensure ongoing compliance with insurance requirements throughout the loan term. Address any changes in coverage promptly and effectively
Be the Culture
· Bring Renovo’s values to life through your actions, choices, and commitment to a shared purpose
Additional responsibilities as required
What We Look For
· Bachelor's degree in a related field (finance, real estate, risk management, etc.). P&C Insurance license a plus
· Prior experience in insurance review, risk assessment, or underwriting within the real estate, lending, or insurance industry
· Strong understanding of various insurance policy types, coverage options, and industry standards
· Excellent analytical skills with the ability to interpret complex policy language and assess coverage adequacy
· Detail-oriented approach with a focus on accuracy in documentation and record-keeping
· Effective communication skills to interact with borrowers, insurance agents, and internal stakeholders
· Familiarity with relevant regulations and compliance requirements in the real estate and lending sectors
· Proficiency in using software and tools for document management, database entry, and process optimization
- Must be able to work in a demanding fast paced environment
At Renovo, we’re building a team that reflects a wide range of backgrounds, perspectives, and skills because we believe diverse voices make us stronger. We’re proud to be an equal opportunity employer and welcome applicants of all identities and experiences.
Top Skills
Documentation Management
Insurance Policy Analysis
Risk Management
Software Tools For Process Optimization
Renovo Financial Chicago, Illinois, USA Office
222 West Adams St., #3150, Chicago, IL, United States, 60606
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