Senior Commercial Surety Claim Counsel

Full-time 2 views
Company The Travelers Indemnity Company. Location Naperville, IL, United States



Min 5 yrs required



Jun 23, 2022

Oct 06, 2022

Jun 02, 2022


Senior Commercial Surety Claim Counsel
The candidate will work under general supervision, fulfill Bond & Specialty Insurance (Bond) Claims mission by conducting thorough investigation, analysis, evaluation and disposition of claims to achieve superior customer service and claim results at the most reasonable cost. Effectively manage all assigned Bond claims, typically of higher severity or complexity. Interact with, collaborate with, and provide legal advice and transactional support to claim and underwriting colleagues. This job does not manage others. Within authority limit, thoroughly analyze, investigate, negotiate and resolve higher severity and/or complex claims with minimal supervision by claims management. Make appropriate decisions within own claim authority and make appropriate recommendations to management when necessary. Ensure that all policies and procedures, including compliance, regulatory and Bond performance and customer service standards are met or exceeded. Maintain accurate documentation/information in claim file and Bond Claim. Management System (BCMS) and adhere to Claim documentation standards (e.g. coverage analysis, reserve and settlement rationale, current diary). Prepare reports (i.e., Large Loss Memos, quarterly claim, EC, trial, class action) to management which accurately reflect loss development, potential/actual financial exposure, coverage issues, claim and recovery strategies. Identify and optimize pre-loss recovery opportunities through. Identification of potential sources of recovery, to include potential responsible parties. Identify all recovery opportunities and coordinate recovery efforts with the Recovery Management Unit and claims management. Within authority limit, retain, monitor, manage and approve payments to outside counsel. Set litigation strategy consistent with business objectives, actively utilizing litigation management plans and budgets. Communicate large reserve adjustments, high-exposure/high sensitivity losses, claim trends, legal decisions and issues which may impact product line to both claim and underwriting management. Assist/mentor less experienced colleagues in claim resolutions. Represent Surety Claim in claim strategic initiatives (or lead team); lead Surety Claim strategic initiatives. Answer legal questions posed by underwriters that impact underwriting decisions, combining legal research with knowledge gained based on experience handling claims. Advise underwriters regarding the legal effect of bond language and the extent of coverage. Answer legal questions posed by non-lawyer claim professionals to assist them in determining the legal standards applicable to claim handling and claim decisions. Maintain an active license in the state of your principal office location and remain current with all CLE credits. Review contracts, licenses and permits that Company’s surety clients request to be bonded and provide legal advice to underwriters concerning the risks presented in guaranteeing the contracts. Advise underwriters as to the legal effects of contracts for which accounts have or may seek bonds in order to assist the underwriters in providing risk mitigation advice to accounts. Determine when exposure to loss as a matter of law on bonds has expired for the purpose of releasing collateral, including reviewing and monitoring court dockets to determine whether release of liability is sufficiently documented. Review status and formation documents of the legal entities comprising surety accounts to advise underwriters how to successfully bind the parts of the account enterprise to indemnity and other agreements with the Company. Reviewing and drafting releases and settlement agreements, including confidentiality and no disclosure provisions, for sufficiency, and drafting same for direct handled matters. Advise non-attorney claim professionals on the same. Negotiate settlements/resolutions directly or via counsel using legal arguments relevant to liability, damages, and coverage. Modify terms of indemnity agreements to meet needs of underwriters and accounts while still protecting the Company’s interests. Draft riders and other modifications to indemnity agreements. Review accounts’ trusts to determine whether the trustees have the power to bind the assets of the trusts to an indemnity agreement with the Company. Draft trust amendments where necessary and possible to allow trusts to indemnify. Draft and modify takeover agreements, completion agreements, subcontractor ratification agreements, and any other documents necessary to mitigate risk and discharge the Company’s bond obligations concerning the takeover and completion of construction projects. Draft and modify financing and collateral agreements to assist troubled accounts to discharge bonded obligations and/or secure assets that may be needed to recover the Company’s anticipated losses on bonds. 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. Monitor account bankruptcy proceedings and document new or assumed indemnity if available. Draft and file proofs of claim and advise as to potential recovery. Assist with the negotiation of debtor in possession surety facilities. Negotiate the terms under which the Company will complete or procure completion of defaulted construction projects. Negotiate collateral arrangements with troubled accounts. Negotiate terms of indemnity to be provided to the Company to support the issuance of bonds. Negotiate changes to irrevocable letter of credit forms with commercial banks. Negotiate changes to set aside letters from lenders. Review and negotiate Intercreditor agreements and subordination agreements with other creditors of the account on behalf of underwriting and as part of a workout arrangement to mitigate claim exposure. As part of this work, advise as to the sureties rights in relation to secured creditors of the account. Draft reference materials to assist claim and underwriting colleagues in understanding the law that impacts the Company’s underwriting and claim decisions, such as 50 state surveys and white papers. Based on knowledge of evolving contract terms, trends, and conditions in the marketplace gained from claim handling and legal advice to underwriters, advise management of trends that may impact future losses; prepare and deliver presentations on the same to management and claim and underwriting staff. Author and /or edit legal treatises/articles (including seminar materials) concerning bond claims in connection with outside organizations such as the American Bar Association Tort and Insurance Practice Section. Case law, opinions, statutes, regulations and the like as needed for claim and coverage matters. Draft or review and revise memos and alerts assessing law, statutes and regulations. Review and revise draft motion papers, briefs, and mediation/settlement statements from counsel. Review documents for production in discovery for coverage actions. Should have a Bachelors degree. Juris doctorate degree required. Properly licensed, registered or authorized, and in good standing, to practice law in the jurisdiction in which you will be working. Minimum of 5 years work experience in a legal (including in-house) or insurance environment. Prior work experience in business line. Preferably have 5+ years of relevant legal or claim handling work experience. Maintain license to practice law and remain current with all CLE credits. Able to use negotiation skills and strategies within a litigation and non-litigation context. Within designated authority limit, able to make quick, sound decisions and negotiate terms and conditions consistent with Bond standards. to maintain knowledge of state and federal substantive law on wide variety of liability, damages, and coverage issues relevant to claim handling. Able to communicate effectively through writing.

Additional info

Job ID: R-12997

Company info

Hiring Coordinator
The Travelers Indemnity Company.
215 Shuman Blvd.
Ste. 106
Naperville, IL 60563

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