Commercial Surety Claims Specialist

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Job Identification Number: 191

Location: New York, NY

Job Type: Direct Hire

Job Category: Insurance

Qualified candidates, please attach resume when applying.

Overview

Our client, a market-leading specialty insurer is seeking a Commercial Surety Claims Specialist to join their New York, NY office. The Claims Specialist is responsible for investigating, analyzing, documenting, and resolving all aspects of commercial surety claims, as well as identifying and pursuing recovery/salvage opportunities to be put in place after resolution of the claim.

Primary Responsibilities:

  • Manages all aspects of a surety claim (or potential claim) in a pro-active, cost efficient manner until the matter is fully resolved, including initial recovery work as needed.

  • Effectively utilizes and manages ALAE expenses as needed by overseeing attorneys or consultants.  May engage to address technical or other issues handler is unable to manage without such assistance.

  • Reviews, interprets, and negotiates bond forms, legal documents, contracts.

  • Provides guidance and direction to outsource resources and attorneys.

  • Undertakes both supervision and periodic audit of outsource resources.

  • Keeps abreast of pertinent changes in the case laws, statutes, or regulations relative to surety claims handling.

  • Communicate to management in a timely and accurate manner on all claims issues, including with respect to strategy and reserves (loss and expense), and for reports to management all significant case developments.

  • Interacts professionally with all Surety stakeholders (underwriters, agents, accounts, and other non-Surety team members) to promote the success of the Commercial Surety Line of Business.

  • Assists in department projects or initiatives as directed.

  • Travels as required (court-ordered appearances, dispositions, mediation, etc).

Qualifications and Requirements:

  • Bachelor’s or law degree preferred

  • 3-5 years’ prior insurance or surety claim experience preferred

  • Ability to thoroughly review documents, research contract terms, bond terms and/or legal terms, if necessary, to complete the handling of claims.

  • Ability to discuss handling of claims caseload.

  • Ability to document all handling efforts, including communications with all parties in writing and by phone.

  • Ability to review and direct the work of out- source resources

  • Clear understanding of Department of Insurance regulations.

  • Ability to handle claims in accordance with regulations.

  • Clear understanding of fraud-related issues.