Claim Counsel, Surety Bond Specialist
2 days ago
We are seeking a highly skilled Claim Counsel, Surety Bond Specialist to join our Bond and Specialty Insurance team. As a key member of our team, you will be responsible for conducting thorough investigations, analyzing claims, and providing expert advice to our underwriting colleagues and non-attorney claim colleagues.
Key Responsibilities:- Analyze and investigate claims of varying levels of severity with moderate supervision from claims management.
- Prepare and present reports for management that accurately reflect loss development, potential/actual financial exposure, reserve adjustments, coverage issues, and claim and recovery strategies.
- Retain, monitor, and manage outside counsel actively utilizing litigation management plans and budgets.
- Communicate with underwriting on significant claim exposures.
- Develop the ability to identify all recovery opportunities and coordinate recovery efforts with the Recovery Management Unit and Claim management.
- Travel to and attend mediations, settlement conferences, claim conferences, field office visits, trials, and depositions.
- Provide legal review and advice to underwriters on bond obligations and project contract documents.
- Engage in account workout risk mitigation analysis, advise on mitigation strategies, and assist in execution of such strategies.
- Monitor account bankruptcy proceedings and document post-bankruptcy indemnity.
- Negotiate the resolution of bonded obligations on defaulted contracts, and terms of agreements including indemnity agreements, letters of credit, set aside letters from lenders, intercreditor agreements, and subordination agreements.
- Determine whether bond exposure has expired, including for the purpose of releasing collateral, by reviewing bond terms, applicable law, and court dockets (when applicable).
- Monitor marketplace conditions, conduct research, and draft reference materials to inform claim and underwriting colleagues on law impacting Travelers' underwriting and claim decisions.
- Review documents pertaining to mergers, equity sales, and asset sales to determine the legal status and ownership of indemnitors undergoing a change of control.
- Draft and negotiate appropriate agreements to document indemnity changes related to such transactions.
- Support underwriting marketing efforts, including participation in broker and account visits and risk mitigation seminars, and authoring customer-focused white papers and articles.
- Obtain and maintain required adjusters' licenses.
- Perform other duties as assigned.
- Five or more years of relevant legal or claim handling work experience.
- Demonstrated ability to effectively work through conflict and resolve issues with a professional demeanor.
- Ability to make sound decisions and negotiate terms and conditions within designated authority limit.
- Strong verbal and written communication skills with the ability to clearly articulate coverage determinations.
- Time management skills with the ability to manage multiple priorities with an attention to detail, data, and analytics.
- Ability to build and maintain effective and collaborative relationships with colleagues, customers, and business partners.
- Health Insurance: Employees and their eligible family members are eligible for coverage from the first day of employment.
- Retirement: Travelers matches your 401(k) contributions dollar-for-dollar up to your first 5% of eligible pay, subject to an annual maximum.
- Paid Time Off: Start your career at Travelers with a minimum of 20 days Paid Time Off annually, plus nine paid company Holidays.
- Wellness Program: The Travelers wellness program is comprised of tools, discounts, and resources that empower you to achieve your wellness goals and caregiving needs.
- Volunteer Encouragement: We have a deep commitment to the communities we serve and encourage our employees to get involved.
Travelers is an equal opportunity employer. We believe that we can deliver the very best products and services when our workforce reflects the diverse customers and communities we serve. We are committed to recruiting, retaining, and developing the diverse talent of all of our employees and fostering an inclusive workplace, where we celebrate differences, promote belonging, and work together to deliver extraordinary results.
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Claim Counsel, Surety Bond Specialist
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