Coverage Counsel

Vault Risk Management Services; Chicago (IL); On-site; USD 150,000 - 210,000; Full time

Job summary

Vault Risk Management Services seeks an experienced Coverage Counsel to provide expert legal guidance on complex insurance coverage issues in a high-stakes environment in Chicago. You will interpret policy language, support pre-litigation and litigation matters, and advise senior management across claims, underwriting, and product teams.

The role emphasizes collaboration with claims and executives, managing high-value claims for sophisticated insureds, and ensuring regulatory compliance while

Qualifications

• Juris Doctor degree from an accredited law school.
• Licensed to practice law in at least one US jurisdiction.
• Eligible to obtain Authorized In-House Counsel status in Florida.
• 5+ years of experience in insurance coverage, including personal, excess, and commercial liability.
• Strong knowledge of property and casualty policies.
• Experience with insurance litigation and settlements.
• Ability to analyze complex policy language and provide clear counsel.

Responsibilities

• Analyze and interpret insurance policies to determine coverage obligations.
• Draft and review policy language and provide legal counsel on interpretations.
• Provide guidance on a wide range of coverage issues including professional/media liability.
• Manage all aspects of insurance coverage litigation with outside counsel.
• Collaborate with Underwriting, Product, and Claims to communicate policy issues.
• Assist claims handlers in determining scope of coverage and timely resolution.
• Identify emerging regulatory issues and ensure compliance with insurance laws.
• Educate claims personnel on policy coverage and best practices for high-net-worth contexts.
• Negotiate settlements and draft settlement agreements to resolve disputes.
• Stay current on developments in insurance law and case law.

Skills

Policy interpretation

Insurance coverage

Legal analysis

Negotiation

Communication

Regulatory compliance

Litigation coordination

Education

Juris Doctor (JD)

Job description

Position Summary: Vault is seeking an experienced and highly skilled Coverage Counsel to provide legal expertise and strategic guidance in coverage issues. This role will involve analyzing insurance policy language, complex claims, providing counsel on policy interpretation, and ensuring compliance with regulatory requirements. The ideal candidate will be adept at managing both pre-litigation and litigation matters, collaborating with claims adjusters, product managers, underwriters, and senior management, and providing counsel on a variety of high-value and sophisticated claims for high-net-worth clients and commercial insureds.

Key Responsibilities:

• Coverage Analysis: Analyze and interpret insurance policies to determine Vault's coverage obligations to its policyholders.
• Policy Review and Advice: Draft and review insurance policy language as required and provide legal advice and counsel on interpretations, potential ambiguity or conflict, recommended improvements to policy forms, or drafting of required policy language.
• Legal Advice & Guidance: Provide legal advice and counsel on a wide range of insurance coverage issues, including claims under professional liability, media liability, personal excess, group excess, and other policies. Draft internal coverage opinions providing state-specific legal advice. Draft coverage position letters.
• Litigation Support: Manage all aspects of insurance coverage litigation, including review of pleadings, dispositive motions, and discovery. Collaborate with outside counsel to develop strategies for pursuing or defending claims in litigation, including preparing case strategies, evaluating settlement options, and managing legal risks.
• Policy Interpretation: Serve as the liaison for Underwriting, Product, & Claims departments to effectively communicate issues with products and developments in case law that impact policy language and interpretation.
• Claims Handling: Assist claims handlers in determining the scope of coverage and ensuring timely resolution of disputes. Provide advice on proper documentation and the handling of coverage issues presented in claims.
• Risk Management & Compliance: Assist in identifying emerging legal issues and ensure company practices comply with state and federal regulations governing insurance law, including the handling of high-value claims.
• Training & Education: Educate and train claims personnel on policy coverage, legal aspects of claims, and best practices for claims handling in high-net-worth insurance contexts.
• Negotiation & Settlement: Provide counsel during settlement negotiations for complex claims and disputes, balancing client interests, company goals, and legal considerations. Negotiate and draft settlement agreement to effectively resolve coverage disputes.
• Legal Research: Stay current with developments in insurance law, trends in claims litigation, and industry standards to ensure that company policies and practices are aligned with current legal and regulatory requirements.

Qualifications:

Juris Doctor (JD) degree from an accredited law school.

Licensed to practice law in at least one US jurisdiction and eligibility to obtain Authorized In-House Counsel status in Florida.

5+ years of experience in insurance coverage, preferably in personal liability, excess liability, and commercial liability, including at least 2 years of experience at a law firm specializing in insurance coverage .

Strong knowledge of property and casualty insurance policies, including homeowners, excess liability, auto, commercial liability, and inland marine coverage.

Prior experience with third-party property claims and/or liability claims.

Experience with insurance litigation, claims handling, and negotiating settlements.

Ability to analyze complex legal issues, interpret insurance policy language, and provide clear and effective legal advice.

Excellent written and verbal communication skills, with the ability to interact with senior executives, clients, and outside counsel.

Strong problem-solving and negotiation skills, with the ability to manage multiple priorities in a fast-paced environment.

Experience working in a collaborative, team-oriented environment.

Preferred Qualifications:

Experience working with high-net-worth individuals and understanding their unique insurance needs.

Familiarity with regulatory and compliance matters related to personal and commercial lines insurance products.