Bsi Security Jobs (NOW HIRING)

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Claim, LegalCompensation Overview

The 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$139,400.00 - $230,000.001Bond & 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. INSERT LOB SPECIFIC LANGUAGE. 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. LOB Specific Language (REMOVE WHEN POSTING) Commercial Surety: Travelers' Commercial Surety Team handles claims on non-construction surety bonds; mitigates exposures on commercial surety accounts; and provides a wide range of business support and legal services to advance our mission to serve as trusted advisors to our underwriting partners. Construction Services: Travelers' Construction Services 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. Financial Institutions: Travelers' Financial Institutions Team provides management liability coverage for diversified classes of financial institutions. Private Non-Profit: Travelers' Private/Non-Profit Team provides executive and organizational management liability coverage to privately held companies and non-profit entities of all types and sizes as well as certain governmental public entities. Programs: Travelers' PNP Programs Team provides coverage for Community Associations, Healthcare Institutions and Providers, Managed Care Organizations, Life and Health Underwriters and Public Adjusters. Professional Liability: Travelers' Professional Liability Team offers errors and omissions liability products to various market segments including accountants, design professionals, lawyers, real estate agents, property managers, and miscellaneous professional liability. Public Company Liability: Travelers' Public Company Liability Team provides management liability coverage for publicly traded companies of all types and sizes and private companies with public debt. Recovery Management: Travelers' Recovery Management Team focuses on subrogation, salvage, and loss mitigation on Surety and Management Liability claims. Crime: Travelers' First-Party Claim Team is responsible for handling first-party claims, including Commercial Crime (including Fidelity), Cyber Crime, Kidnap & Ransom, Public Official Bonds, and Identity Fraud/Theft. The First-Party Claim Team partners with and supports business units including Private-Non-Profit, Public Companies, Financial Institutions, Insurance Companies, Investment Advisors, and Professional Liability. Cyber: Travelers' Cyber Claim Team is responsible for handling claims focusing on cyber privacy and security breach incident response, computer crime, infrastructure attacks and restoration, notification to affected parties and regulators, business interruption, consumer privacy liability, and identity fraud/theft. The First-Party Cyber Claim Team partners with and supports business units including Private-Non-Profit, Public Companies, Financial Institutions, Insurance Companies, Investment Advisors, and Professional Liability.What Will You Do?

• 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.
• Recovery Management specific:
• 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.
• Management Liability specific:
• 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.
• Surety specific:
• 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).
• Monitor marketplace conditions, conduct research, and draft reference materials to inform claim and underwriting colleagues on law impacting Travelers' underwriting and claim decisions.
• 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.
• 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?

• 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.

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.
• Three years of relevant legal experience.