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MD & Counsel, Bond & SI The candidate under broad oversight, fulfill Bond & Specialty Insurance (“Bond”) Claim’s mission by conducting thorough investigation, analysis, evaluation and disposition of Cyber claims, including Security and Privacy Breaches, Cyber Crime, Business Interruption, and ID Fraud, to achieve superior customer service and claim results at the most reasonable cost. Assume management role in Bond & Specialty Insurance Claim by providing leadership, expertise and technical guidance to a team of claim professionals within a designated line of business. Interact with, collaborate with, and provide legal advice and transactional support to claim and underwriting colleagues. Ensure compliance with Bond and Specialty Insurance Claim policies and procedures, drive claims and litigation strategies, and manage professional development of assigned staff. Provide underwriting business/marketing/legal support to assigned product line as required. Actively supervise a claim staff of 4 to 6 individual contributors providing them with technical guidance and assistance. Provide staff with coaching and mentoring as needed. Complete annual performance reviews on staff. Provide feedback throughout the year on employee performance. Within authority limit, thoroughly analyze, investigate, negotiate and resolve the highest severity and/or most complex claims. Collaborate with 2VP and Managing Directors in designing, communicating and implementing policies and procedures which will facilitate quality claim handling results within the assigned product line. 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). Proactively optimize pre-loss recovery opportunities through identification of potential sources of recovery, to include potential responsible party, co-conspirators, beneficiaries and any third parties (Accountants and Banking Institutions, Third-Party IT providers, E&O or other insurance, etc.). Retain, monitor, manage and approve payments to outside counsel. Set litigation strategy consistent with business objectives, actively utilizing litigation management plans and budgets. Assist 2VP with Quality Assurance claims review process for assigned business unit as required. Prepare own and review/revise, as necessary, all staff members’ Large Loss Memos, Quarterly Claim Reports, and other management reports to accurately reflect loss development, potential/actual financial exposure, coverage issues, claim and recovery strategies. Keep 2VP apprised of status of claims which are beyond authority level. 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. Ensure rigorous management of ALAE & ULAE by staff through active use of litigation management plans and cost effective claim resolutions (including appropriate business travel). Within designated authority, approve claim settlements, reserve changes, and expense/indemnity payment requests from direct reports and other unit claim professionals (e.g., BCMS approvals). Represent Management Liability Claim in claim strategic initiatives (or lead team); lead Management Liability Claim strategic initiatives. Advise direct reports on the above. Answer complex 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 and policy language and the extent of coverage. Answer complex 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. Policy interpretation/coverage analysis including drafting coverage opinions with case law included. Draft or review/revise new product initiatives, policies and policy endorsements and provide legal opinions relative to same. Advise direct reports on the above. Review and draft 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. Advise direct reports on the above. 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 in depth 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. Legal Research – case law, opinions, statutes, regulations and the like as needed for claim, transactional 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. Advise direct reports on the above. Other duties as assigned.
Qualification and Experience
A Bachelors degree required. Juris doctorate degree required. Licensed to practice law in the state in which will be working. 10 years work experience in a legal (including in-house) or insurance environment. Must have prior work experience in business line. 12+ years of relevant legal or claim handling work experience preferred. Formal management experience preferred Must be able to use negotiation skills and strategies within a litigation and non-litigation context. Must be able to maintain knowledge of state and federal substantive law on wide variety of liability, damages, and coverage issues relevant to claim handling. Can act as a resource for others on these issues.
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