Claims Attorney II - Contract Surety

Overview

This role involves independently investigating and adjusting complex claims made on contract surety bonds. The Claims Attorney II will communicate with various stakeholders, perform pre-default work, and pursue appropriate salvage and indemnity. Responsibilities include coordinating payment of loss and expense checks, setting and revising reserves, preparing closing file documentation, and providing account-specific and general legal assistance to underwriters and agents. Staying current on applicable State and Federal laws and regulations related to bond claims handling is essential.

Responsibilities

Claim Investigation and Loss Analysis

• Review and analyze correspondence and documents submitted by claimants and Principals.
• Interview involved parties and request additional documentation to determine exposure.
• Document investigation efforts and maintain relevant file documentation.
• Direct and oversee outside counsel and consultants as needed for claim investigation or salvage and indemnity.
• Evaluate potential sources of salvage, reimbursement, and indemnification for losses or expenses.
• Request recovery of loss, expenses, and costs in accordance with Indemnity Agreements or statutory/common law rights.
• Negotiate directly with stakeholders to resolve bond and indemnity claims, including creating secured repayment plans, referrals to collection agencies, or pursuing indemnity actions.
• Collaborate with the Director of Claims to develop and implement high-level strategies for assigned claims.
• Draft determination letters and review recommendations with supervisors.
• Prepare documentation for approved payments.
• Make decisions regarding collateral or other indemnity or subrogation rights.
• Coordinate with Accounting on large losses or to establish cash collateral accounts.
• Obtain reimbursement pursuant to agreements such as collateral trust agreements.
• Audit journal entries periodically for accuracy.
• Make reserve recommendations and post reserves.
• Review entire Principal accounts, including open bonds and files, involving Underwriters and Agents as appropriate.
• Prepare correspondence and documents for claimants, Principals, or third parties related to claims handling.
• Draft documents to assist underwriters and agents.
• Attend meetings and legal proceedings independently or with senior claims staff.
• Deliver internal presentations and participate in learning opportunities with underwriters and other staff.

Research and Consultation

• Seek legal counsel or retain consultants as appropriate based on claim merits.
• Audit outcomes and performance to ensure competence.
• Review bills for accuracy and authorize payment.
• Stay current on claims handling requirements and attend required claim and anti-fraud training.
• Review bond language, contracts, codes, statutes, and case law relevant to claims.
• Assist underwriters, principals, and agents with legal or claim questions on active accounts.
• Research and provide recommendations on general legal issues for various departments.
• Research commercial bond programs and advise underwriting on participation levels.
• Analyze financial statements of contractor businesses.

Reporting

• Prepare year-end reports reviewing status of open claims, Principal’s financial condition, and reserve evaluations.
• Prepare closing memorandums summarizing claim issues, resolutions, losses incurred, and salvage recovered.
• Prepare claim summaries or other reports for the Compliance Department as necessary.
• Prepare reserve summaries with assistance from the Director of Claims for internal and external reporting.

Requirements

• Juris Doctor (J.D.) degree required.
• Minimum of 5 years of experience in Surety, Insurance, or related industry.
• Experience investigating and adjudicating claims in the surety industry is strongly preferred.
• License to practice law in appropriate jurisdictions.
• Must acquire and maintain an adjuster’s license in every state where required within the first 90 days of employment.

Compensation & Benefits

• Competitive pay and bonus programs.
• Generous paid time off.
• Flexible hybrid and remote work opportunities with a 37.5-hour work week.
• Free health insurance option.
• Paid volunteer time off with matching gift program.
• Infants in the Workplace Program with family resources.

Location

Flexible hybrid and remote work options available.