Sr. Claim Counsel

Travelers•Fort Lauderdale, FL

About The Position

Bond & Specialty Insurance (BSI) provides management and professional liability, cyber, crime insurance, and surety bonds to or on behalf of businesses of all sizes. The BSI Claim Counsel team conducts thorough investigation, analysis, evaluation, and disposition of claims and claim litigation to achieve superior customer service and to optimize claim results. As a valued member of our team, in addition to claim, you also will provide legal advice to our underwriting colleagues and non-attorney claim colleagues, and participate in BSI claim strategic initiatives.

Requirements

Bachelor’s Degree.
Juris Doctorate Degree.
Properly licensed, registered or authorized, and in good standing, to practice law in the jurisdiction in which you will be working.
Three years of relevant legal experience.

Nice To Haves

Six 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 limited 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.
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.
Coordinate recovery efforts with Claim Professionals to identify potential sources of recovery and optimize loss mitigation opportunities.
Identify potential sources of recovery, and to analyze, investigate, develop and refine recovery strategies, and resolve claims within authority; retain, manage and direct outside counsel and vendors to optimize outcomes and resolve recovery claims of varying levels of severity.
Research, analyze and provide recovery and loss mitigation advice to claim and underwriting colleagues on claims of varying complexity, including drafting/reviewing settlement agreements, releases, assignments, and/or other documents modifying recovery policy provisions or impacting recovery opportunities, and provide transactional support to claim and underwriting colleagues.
Refine policy interpretation/coverage analysis skills including drafting coverage opinions with case law included.
Negotiate settlements/resolutions, review releases and settlement agreements, including confidentiality and non-disclosure provisions.
Support underwriting marketing efforts, including participation in broker and account visits and risk mitigation seminars and authoring customer-focused white papers and articles.
Monitor marketplace conditions, conduct research, and draft reference materials to inform claim and underwriting colleagues on law impacting Travelers’ underwriting and claim decisions.
Obtain and maintain required adjusters’ licenses.
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).
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.
Perform other duties as assigned.