Sr Claim Counsel, Surety
4 weeks ago
We are seeking a highly skilled Sr Claim Counsel, Surety to join our Bond and Specialty Insurance team. As a Sr Claim Counsel, Surety, you will be responsible for conducting thorough investigations, analyzing claims, and providing expert advice to our underwriting colleagues.
Key Responsibilities- Analyze and investigate claims of varying levels of severity, utilizing your expertise in surety law and regulations.
- Prepare and present reports to management, highlighting loss development, potential/actual financial exposure, 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, providing expert advice and guidance.
- Identify 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, reviewing, drafting, and/or modifying bond forms, contract documents, and other agreements.
- 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, drafting and filing proofs of claim and advising on potential recovery.
- 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, drafting and negotiating 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.
- 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 limits.
- 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.
- 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.
- 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.
- 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.
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