Claim Counsel - Recovery Management Unit, Bond & Specialty Insurance

Benefits

Additional Information

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 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. Job Category 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 $111,600.00 - $184,200.00 Target Openings 1 What 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 Recovery Management team conducts thorough investigation, analysis, evaluation and disposition of recovery claims and litigation to achieve superior customer service and optimize recoveries. As a valued member of our team, you also will provide legal advice to our underwriting colleagues and non-attorney claim colleagues, and participate in BSI claim strategic initiatives. Travelers' Recovery Management team handles subrogation, salvage, and loss mitigation matters for the following BSI Claim areas: - Commercial Surety (non-construction surety bonds) - Construction Services (construction-related surety bonds) - Management Liability (including coverage under errors & omissions and directors & officers policies) - First-Party (including Commercial Crime (including Fidelity), Cyber Crime, Kidnap & Ransom, Public Official Bonds, and Identity Fraud/Theft) - Cyber (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) What Will You Do? What Will You Do? Follow operational policies to analyze, investigate, and resolve BSI recovery 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 the status of recovery claims and recovery, litigation and settlement strategies. Retain, monitor, and manage outside counsel actively utilizing litigation management plans and budgets. Communicate with underwriting on significant claim exposures recovery opportunities. Continue to develop the ability to 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. Continue to develop the ability to 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. What Will Our Ideal Candidate Have? Five or more years of relevant legal commercial litigation and/or claim handling work subrogation experience, and experience with surety bonds, and/or cyber, crime, and management liability product lines, is preferred. 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? Bache