Bond Claims Specialist - Remote

Selective Insurance Company of America

4d • $124,000 - $169,000 • Remote

About The Position

Manage a caseload of contract surety performance and payment claims, commercial surety and some commercial crime claim files with single bond limits of up to twenty five million dollars and aggregate exposure of up to sixty million dollars. This includes investigating and negotiating assigned claims through telephone, personal contact, including construction site visits and/or written correspondence and managing outside counsel and consultants in the investigation and resolution process. This also includes overseeing the company’s interest in bankruptcy proceedings and lien contests with the IRS and others asserting liens against assets falling within the company’s rights for salvage.
Also responsible for subrogation and salvage actions where appropriate against the account in claim, its personal guarantors, and potentially responsible parties such as design professionals, accountants and other contractors and their sureties. Provides feedback to underwriting on claim losses and provides underwriting support for new business involving complex transactions. This position will provide input in updating policies and procedures based on trends and evolving regulatory climate. All job duties and responsibilities must be carried out in compliance with applicable legal and regulatory requirements.

Requirements

• Experience in federal and state bond coverage analysis and significant large loss evaluations.
• Superior communication and strategic negotiation and claim disposition skills along with proven problem-solving skills.
• Excellent presentation skills.
• Strong proficiency with standard business-related software including Microsoft Outlook, Word, Excel, and PowerPoint.
• Sufficient keyboarding proficiency to enter data accurately and efficiently; multi-State licensing.
• Must have valid state-issued driver’s license in good standing and be able to drive an automobile.
• 5-10 years of surety claims handling experience with a U.S. Treasury listed surety bond writer.

Nice To Haves

• College degree preferred.
• Law degree strongly preferred with admission to and current good standing with at least one state bar.

Responsibilities

• Effectively evaluate and resolve coverage issues for all types of bond claims. Investigate the claims through telephone, written correspondence, site visits and/or personal contact with claimants, attorneys, principals, witnesses, consultants and others having pertinent information. Conduct searches on investigative databases and perform credit report searches where appropriate.
• Timely analyze information in order to evaluate assigned claims to determine the extent of loss on a particular claim and the likelihood of loss on other bonded obligations with the account in question and determine the options available to the company to resolve the claim such as direct payment to the claimant, payment to a completion contractor or making loans to the existing account and whether to negotiate financing operating agreements with the account’s existing secured lender.
• Must be able to analyze construction and design contracts to understand claim exposure and sources of recovery. Must be able to draft construction contracts and other agreements used in providing substitute performance in lieu of direct payments up to the penal sum of the bond in claim, while being mindful of labor, environmental and tax consequences of such agreements.
• Make recommendations on and manage the filing of indemnity and injunctive actions against bond accounts in claim and actions against other potentially responsible parties for recovery, which includes and not limited to: File proofs of claim in bankruptcy proceedings and represent the company on creditor committees on large losses. File or oversee the filing and tracking of financing statements pursuant to the Uniform Commercial Code. Effectively evaluate, negotiate and resolve claims within delegated authority (ranging from $100,000 to $400,000) utilizing the appropriate denials or releases and assignments of claims.
• Participate in underwriting watch list meetings to help identify accounts in peril of causing large losses to the company. When asked, assist underwriting on certain complex transactions on new bond business. Regarding fidelity claims, must analyze applications and claim fact patters to identify potential rescission scenarios and coordinate action with the office of general counsel.
• Participates in industry functions such as lobbying, American Bar Association and other claims organizations to stay on top of trends and identify counsel and consultant expertise to assist the company in handling bond claims.
• Provide required reports to claims, underwriting, reinsurance and actuarial on accounts that reach the reinsurance reporting threshold.
• Report on all cases going to trial on a timely basis and attend portions of trials when warranted or were requested by management.
• Ability to handle or oversee Extra-Contractual claims against the Company.
• Must be able to drive an automobile to travel within territory. Travel represents approximately 10-25% of employee’s time and a valid driver’s license.

Benefits

• Selective Insurance offers a total rewards package that includes a competitive base salary, incentive plan eligibility at all levels, and a wide array of benefits designed to help you and your family stay healthy, achieve your financial goals, and balance the demands of your work and personal life. These benefits include comprehensive health care plans, retirement savings plan with company match, discounted Employee Stock Purchase Program, tuition assistance and reimbursement programs, and 20 days of paid time off.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: No Education Listed