About this opportunity
Original employer descriptionWho 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 170 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.
Claim, Legal
Compensation 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
$94,400.00 - $155,800.00
1
Travelers Insurance is seeking a highly motivated and knowledgeable Associate Claim Counsel to join our Bond & Specialty Insurance team. Bond & Specialty Insurance (BSI) provides management and professional liability, cyber, crime insurance, and surety bonds to or on behalf of businesses and/or nonprofits 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 an Associate Claim Counsel, you will effectively manage all assigned BSI claims, typically of lower severity and complexity within our organization, and with close supervision from management. You will manage outside counsel relationships, negotiate settlements, and ensure stakeholders are supported throughout the claims process. In addition to comprehensive claim and risk management, you also will provide legal advice and/or insight to our underwriting colleagues and non-attorney claim colleagues and participate in BSI claim strategic initiatives.
What Will You Do?
- Analyze, investigate, and resolve Bond & Specialty Claims of lower severity and complexity with close supervision, following operational policies.
- With close management supervision, retain, monitor, and manage outside counsel (and other vendors, as applicable) by actively utilizing incident response and/or litigation management plans and budgets, and negotiate settlements when appropriate to ensure effective legal and/or claim outcomes, involving litigation matters of lower severity and complexity.
- Prepare management reports on loss development, financial exposure, and resolution strategies with a high degree of guidance from management.
- Develop and coordinate recovery efforts with the Recovery Management Unit to optimize loss mitigation opportunities, as needed.
- Attend mediations, settlement conferences, trials, depositions to support claim resolution, and may attend other internal/external business meetings with supervision as needed.
- With significant supervision, provide a variety of legal and business support to underwriting colleagues which varies by business unit and may include negotiating indemnity documentation, drafting product forms and endorsements, reviewing contracts and bond forms, all involving matters of lower complexity, and supporting marketing and/or risk management efforts through broker visits and seminars.
- Ensure stakeholders/customers feel ‘secure, respected, and cared for’ throughout the duration of the claims process.
- Ensure compliance with BSI Claims processes, procedures, and best practices.
- Maintain thorough documentation of claim activities, decisions, and communications, adhering to record-keeping standards and confidentiality protocols.
- To perform the essential functions of this job, acquisition and maintenance of Insurance Adjuster License(s) is required to comply with state and Travelers’ requirements. Generally, license(s) must be obtained within three months of starting the job and must obtain ongoing continuing education credits as mandated. Additionally, the maintenance of an active legal license in the state of your principal office location and remaining current with all Continuing Legal Education (CLE) is required to perform this role.
- All Surety
- With significant oversight, provide legal review and advice to underwriters on bond obligations and project contract documents. Review, draft and/or modify bond forms and contract documents, all involving matters of lower complexity.
- Engage in account workout risk mitigation analysis, advise on mitigation strategies, and assist in execution of such strategies with assistance from management.
- With oversight from management, monitor account bankruptcy proceedings and document post-bankruptcy indemnity. Draft and file proofs of claim and advise as to potential recovery and retain outside counsel as necessary.
- 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. With assistance from management, assist with drafting and negotiating appropriate agreements to document indemnity changes related to such transactions.
- Construction Surety
- With significant oversight, assist with the drafting and modifying of takeover agreements, completion agreements, subcontractor ratification agreements, and any other documents necessary to mitigate risk and discharge the Company’s bond obligations concerning the takeover and completion of construction projects.
- Commercial Surety
- Review, draft, and modify a variety of bond forms, contract documents, and other agreements (including but not limited to indemnity and collateral) for various industry sectors including healthcare, financial institutions, power and utilities, oil and gas, court requirements, and self-insurance obligations
- Participate in underwriting focus groups for particular industries and draft internal white papers.
- Under close supervision, analyze commercial contract provisions and advise the business with respect to contract risk mitigation.
- Management Liability
- Prepare timely and thorough coverage evaluations and correspondence to Insureds.
- Maintain and note claim files pursuant to company best practices.
- Perform other duties as assigned.
What Will Our Ideal Candidate Have?
- One to five years of relevant legal or claim handling work experience.
- 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.
- Solid verbal and written communication skills with the ability to clearly articulate coverage determinations.
- Solid 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 Doctor Degree.
- Properly licensed, registered or authorized, and in good standing, to practice law in the jurisdiction in which you will be working.
- Valid driver’s license or access to alternative means of transportation to travel to mediations, conferences, field offices, trials, and/or depositions.
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, discounts and resources that empower you to achieve your wellness goals and caregiving needs. In addition, our mental health program provides access to free professional counseling services, health coaching and other resources to support your daily life needs.
- 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 Practices
Travelers 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.
In accordance with local law, candidates seeking employment in Colorado are not required to disclose dates of attendance at or graduation from educational institutions.
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/.
