JOB RESPONSIBILITIES:
- Maintain all necessary active adjusters licenses and remain current with all CE credit requirements.
- Within authority limit, independently analyze, investigate, negotiate and resolve highest severity and/or most complex claims.
- Qualify for and utilize highest level of claim authority based on expertise. Make appropriate recommendations to management when necessary.
- Work closely with management to develop procedures, policies and objectives. Assure that all policies and procedures, including compliance, regulatory and Bond performance and customer service standards are met or exceeded.
Watch: Career Advice
- Prepare reports (e.g., Large Loss Memos, quarterly claim, EC, trial, class action) for management that accurately reflect loss development, potential/actual financial exposure, coverage issues, and claim and recovery strategies.
- Proactively pursue recovery opportunities through indemnitors and collateral or through identification of potential sources of recovery, to include potential responsible party, co-conspirators, beneficiaries and any third parties (Accountants and Banking Institutions, Scrap Yards, Employment Agencies, E&O, or other insurance, etc.), if applicable.
- 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.
- Consistently apply superior negotiating skills and expertise to drive terms and conditions consistent with business standards and claim resolution strategy, including when the matter is in litigation.
- Keep management 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.
- Lead the mentoring of less experienced colleagues in developing and implementing claim resolution strategies.
- Recognize issues that could impact not only Bond, but also the Travelers enterprise.
- Represent claim unit in Bond Claim strategic initiatives (or lead team).
- Maintain knowledge of coverage, law, legislative and industry-related initiatives and judicial trends.
- Proactively manage tendered litigation in surety to ensure that Bond & Financial Products' financial interests are being protected by tender counsel.
LEGAL SUPPORT
1. Maintain an active license in the state of your principal office location and remain current with all CLE credits.
2. Provide high quality, cost-effective legal support to business partners.
3. Review and analyze bond forms and provide legal advice and risk analysis to underwriting.
4. Draft and negotiate indemnity agreements and riders.
5. Review complex transactional documents and provide legal advice and risk analysis to business partners.
6. Review complex/significant customer contracts and advise underwriting and business partners of legal risks of contract language to underwriting.
7. Provide legal advice on litigation strategies on all litigation. Manages complex and higher severity litigation.
8. Provide research on legal issues for business partners and claim team.
9. Draft, or lead teams in drafting, internal topic documents (white papers, 50 state surveys, BCCLs) at request of management.
10. Maintain current knowledge of relevant legal issues and trends in the surety/ management liability market place through review of legal publications and attendance at industry events.
Send To A Friend
Posts
