Job Details

Surety Claims Attorney

Company name

Merchants Bonding Company (Mutual)

Organization Type

In-House

Job Type

Attorney

Date Last Verified

Mar 24, 2020

Valid Through

Jul 07, 2020

Posted on

Nov 20, 2019

Years of Experience

2-4 yrs required

Location

Des Moines, IA, United States

Employment Type

Full-time

Industry

Legal
Practice Area
Litigation >> Litigation - Insurance
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Surety Claims Attorney
The candidate will investigate and adjust claims made on surety bonds and E&O policies, seek salvage and indemnity and prepare closing file documentation. Will coordinate payment of loss and expense checks, set and revise reserves and pursue salvage and indemnity claims, as appropriate. Stay current on applicable State and Federal laws and regulations that apply to handling bond or E&O claims. Review and analyze correspondence and documents primarily submitted by claimants and Principals, interviews involved persons and requests additional documentation in order to determine loss and expenses. Document investigation efforts in claim file and maintain relevant file documentation within Image Right claim file. If necessary, retain consultants to assist with claim investigation or salvage and indemnity aspect of claim. Research sources of salvage, reimbursement and indemnification for any loss or expense that may be paid.Request recovery of loss, expenses and costs in accordance with the terms of the Indemnity Agreement or the surety's statutory or common law equitable rights or rights of equitable subrogation. If necessary, may negotiate directly with stakeholders to resolve claims, including creating secured re-payment plans, referrals to collection agencies or pursuing indemnity actions. Draft determination letters and review recommendations with supervisor, as required. Prepare documentation for payments, if approved. May make decisions regarding collateral or other indemnity or subrogation rights. Coordinate with Accounting on large losses or to establish cash collateral accounts. Obtain reimbursement pursuant to agreement such as collateral trust agreements. Audit journal entries periodically for accuracy. Make reserve recommendations and post reserves. Conduct review of entire Principal account, including open bonds, Principal file and involves Underwriters and Agents as appropriate. Prepare correspondence and documents for claimants, Principals or third parties along with underwriters and agents, if necessary. Seek legal counsel or retains consultants as appropriate based on the merits of the claims. Audits outcomes and performance to assure competence. Review bills for accuracy and reasonableness. Authorize payment. Stay abreast of claims handling requirements of corresponding jurisdictions and attends required claim and anti-fraud training. Review bond language, contracts, codes, statutes and case law, as applicable to the claims. Assist underwriters, principals and agents with legal or claim questions on their active accounts. Should have a J.D. degree with 2-4 years of experience in the Surety, Insurance or related industry. Experience investigating and adjudicating claims in the surety industry is required. License to practice law in appropriate jurisdictions is needed.

Additional info

Ref. #: 50266

Company info

Hiring Coordinator
Merchants Bonding Company (Mutual)
2100 Fleur Drive
Des Moines, IA 50321

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