Claim Counsel Construction Surety

Profile

Claim Counsel, Construction Surety
The candidate will follow operational policies to analyze, investigate, and resolve BSI claims of varying levels of severity with moderate supervision from Claims Management. Will 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 the 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.

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