Bond & Specialty Insurance Claims Counsel

Wells Media Group; Federal Way (WA); Hybrid; USD 111,000 - 184,000; Full time

Benefits offered by this job

Health Insurance

Retirement

Paid Time Off

Wellness Program

Volunteer Encouragement

Job summary

Travelers is seeking a qualified Bond & Specialty Insurance (BSI) Claim Counsel to conduct thorough investigation, analysis, evaluation and disposition of claims and claim litigation. You will support underwriting colleagues with legal review of bond obligations, draft and negotiate contract documents, and participate in risk mitigation strategies to optimize claim results.

The role requires 5+ years of legal or claim handling experience, strong negotiation and communication skills, and the

Qualifications

• 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.

Responsibilities

• Follow operational policies to analyze, investigate, and resolve BSI 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.
• Continue to 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. Review, draft and/or modify bond forms, contract documents and other agreements including, indemnity, takeover, completion, subcontractor ratification, financing and collateral.
• 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. Draft and file proofs of claim and advise as to potential recovery. Retain outside counsel where appropriate to protect or enforce surety rights.
• 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.

Skills

Communication

Negotiation

Analytical thinking

Time management

Education

Bachelor’s Degree

Juris Doctorate Degree

Licensed to practice law

Legal experience

Job description

Travelers is seeking a qualified Bond & Specialty Insurance (BSI) Claim Counsel to conduct thorough investigation, analysis, evaluation and disposition of claims and claim litigation. You will support underwriting colleagues with legal review of bond obligations, draft and negotiate contract documents, and participate in risk mitigation strategies to optimize claim results.

The role requires 5+ years of legal or claim handling experience, strong negotiation and communication skills, and the