Senior Specialist - Contract Surety Bond Claims

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Senior Specialist - Contract Surety Bond Claims
The candidate will manage an assigned pending of various types of contract surety bond claims. Will work closely with the bond underwriting division to assist underwriters on taking appropriate action on the bonded programs, and will operate under appropriate levels of supervision and within established authority. The position will report directly to the assigned Manager. Adjust contract surety bond claims by receiving claim assignments, communicating with claimants and principals, investigating claims, analyzing documentation, understanding coverage under the bonds, evaluating exposure, setting reserves, making payments, and asserting indemnification rights. Evaluate the appropriate method and extent of investigation for each claim. Review underwriting files and bond and indemnity agreements. Communicate promptly to claimants and bonded principal/indemnitors. Analyze claim, verify applicability of coverage, and evaluate exposure on a variety of bond types in various jurisdictions. Draft appropriate position letters to claimants and/or principal and indemnitors, when necessary. Work with principals and indemnitors to promptly resolve claims under their duty to indemnify the Surety and make formal indemnification demands on principals and indemnitors, when necessary. Manage litigated claims toward a prompt and reasonable resolution. Appropriately manage, direct and budget outside counsel and consultants. Consult with management at all levels of the claims department to strategize and make recommendations where assistance and consultation is needed on claims exceeding assigned authority. Prepare reports, document claim files, review and manage outstanding files, as assigned, for adequacy and timeliness of investigation, evaluation and reserving, and maintain a timely diary for each assigned claim. Assess recovery potential and collaborate with outside recovery firms to coordinate salvage. Provide superior customer service to policyholders and external vendors and agents during entirety of the claims handling process. Complete special projects and tasks, as assigned.

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