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Claim Counsel, Construction Surety

Company: The Travelers Companies, Inc.
Location: Hartford
Posted on: September 21, 2022

Job Description:

Who Are We?Taking care of our customers, our communities and each other. That's the Travelers Promise. By honoring this commitment, we have maintained our reputation as one of the best property casualty insurers in the industry for over 160 years. Join us to discover a culture that is rooted in innovation and thrives on collaboration. Imagine loving what you do and where you do it.Compensation OverviewThe annual base salary range provided for this position is a nationwide market range and represents a broad range of salaries for this role across the country. The actual salary for this position will be determined by a number of factors, including the scope, complexity and location of the role; the skills, education, training, credentials and experience of the candidate; and other conditions of employment. As part of our comprehensive compensation and benefits program, employees are also eligible for performance-based cash incentive awards.Salary Range$101,400.00 - $167,400.00Target Openings1What Is the Opportunity?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 investigations, 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. Travelers' Construction Services Claim Team includes legal, accounting, and engineering professionals to handle claims on construction-related and other surety bonds, mitigate exposures on construction surety accounts, and provide a wide range of business support and legal services to advance our mission to serve as trusted advisors to our underwriting partners.Travelers offers a hybrid work location model that is designed to support flexibility. #LI-HybridWhat Will You Do?Follow operational policies to analyze, investigate, and resolve BSI claims of varying levels of severity with moderate 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.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.Negotiate the resolution of bonded obligations on defaulted contracts and litigation, and terms of agreements including indemnity agreements, letters of credit, set aside letters from lenders, intercreditor agreements and subordination agreements.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.Engage in account workout risk mitigation analysis, advise on mitigation strategies, and assist in execution of such strategies.Travel to and attend mediations, settlement conferences, claim conferences, field office visits, trials and depositions.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.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. Develop the ability to identify all recovery opportunities and coordinate recovery efforts with the Recovery Management Unit and Claim Management.Monitor marketplace conditions, conduct research, and draft reference materials to inform claim and underwriting colleagues on law impacting Travelers' underwriting and claim decisions.Support underwriting marketing efforts, including participation in broker and account visits and risk mitigation seminars and authoring customer-focused white papers and articles.Obtain and maintain required adjusters' licenses.Perform other duties as assigned.What Will Our Ideal Candidate Have?Three or more years of relevant legal or claim handling work experience. related to construction and/or suretyDemonstrated 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.What is a Must Have?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.Two years of relevant legal experience.What Is in It for You?Health Insurance: Employees and their eligible family members - including spouses, domestic partners, and children - are eligible for coverage from the first day of employment.Retirement: Travelers matches your 401(k) contributions dollar-for-dollar up to your first 5% of eligible pay, subject to an annual maximum. If you have student loan debt, you can enroll in the Paying it Forward Savings Program. When you make a payment toward your student loan, Travelers will make an annual contribution into your 401(k) account. You are also eligible for a Pension Plan that is 100% funded by Travelers.Paid Time Off: Start your career at Travelers with a minimum of 20 days Paid Time Off annually, plus nine paid company Holidays.Wellness Program: The Travelers wellness program is comprised of tools and resources that empower you to achieve your wellness goals. In addition, our Life Balance program provides access to professional counseling services, life coaching and other resources to support your daily life needs. Through Life Balance, you're eligible for five free counseling sessions with a licensed therapist.Volunteer Encouragement: We have a deep commitment to the communities we serve and encourage our employees to get involved. Travelers has a Matching Gift and Volunteer Rewards program that enables you to give back to the charity of your choice.Employment PracticesTravelers is an equal opportunity employer. We value the unique abilities and talents each individual brings to our organization and recognize that we benefit in numerous ways from our differences.If you are a candidate and have specific questions regarding the physical requirements of this role, please send us an email so we may assist you.Travelers reserves the right to fill this position at a level above or below the level included in this posting.To learn more about our comprehensive benefit programs please visit http://careers.travelers.com/life-at-travelers/benefits/.0

Keywords: The Travelers Companies, Inc., Hartford , Claim Counsel, Construction Surety, Professions , Hartford, Connecticut

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