Sr Claim Counsel, Surety Bond Specialist

1 week ago

Hartford, Connecticut, United States The Travelers Indemnity Company Full time
Job Summary

As a Sr Claim Counsel, Surety Bond Specialist at The Travelers Indemnity Company, you will be responsible for conducting thorough investigations, analyses, and evaluations of claims and claim litigation to achieve superior customer service and optimize claim results. You will work closely with the Commercial Surety Team to handle claims on non-construction surety bonds, mitigate exposures on commercial surety accounts, and provide business support and legal services to advance our mission to serve as trusted advisors to our underwriting partners.

Key Responsibilities
  • Follow operational policies to analyze, investigate, and resolve BSI claims of varying levels of severity with limited 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.
  • 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.
Requirements
  • Six 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.
Preferred Qualifications
  • Bachelor's Degree.
  • Juris Doctorate Degree.
  • Properly licensed, registered, or authorized, and in good standing, to practice law in the jurisdiction in which you will be working.
  • Three years of relevant legal experience.
What We Offer
  • Health Insurance: Employees and their eligible family members - including spouses, domestic partners, and children - 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. If you have student loan debt, you can enroll in the Paying it Forward Savings Program. When you make a payment toward your student loan, Travelers will make an annual contribution into your 401(k) account. You are also eligible for a Pension Plan that is 100% funded by Travelers.
  • 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. In addition, our mental health program provides access to free professional counseling services, health coaching, and other resources to support your daily life needs.
  • Volunteer Encouragement: We have a deep commitment to the communities we serve and encourage our employees to get involved. Travelers has a Matching Gift and Volunteer Rewards program that enables you to give back to the charity of your choice.
Equal Employment Opportunity 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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