Contract Surety Claims Specialist

Essential Job Functions and Responsibilities

• Investigates and resolves claims made against a variety of contract surety bonds issued in connection with construction projects;
  • Reviews and evaluates coverage and/or liability.
  • Secures necessary information (i.e., reports, bonds, credit limits, policies, appraisals, releases, statements, or other documents) to assist in the investigation of claims.
  • Retains and directs approved consultants and outside counsel.  Responsible for maintaining cost controls and overseeing the work of outside counsel.
  • Determines available avenues of recovery and their cost-effectiveness; coordinates approved recovery effort.
  • Establishes and maintains proper loss, salvage, and subrogation reserves.
  • Prepares periodic claims reports and financial evaluations.
• Affects settlements/reserves within prescribed limits and submits recommendations to supervisor on cases exceeding personal authority.
• Ensures that claims payments are issued in a timely and accurate manner.
• Ensures compliance of claims handling pursuant to all state, legal, statutory, and regulatory bodies to comply with all company procedures and requirements.
• May attend mediations, arbitrations, or settlement conferences as requested.
• Performs other duties as assigned.

Job Requirements

• Education: Bachelor’s Degree or equivalent experience.
• Field of Study: Business, Liberal Arts, Finance or a related discipline.
• Experience: Generally, looking for 5 or more years of related experience, either in Property or Casualty lines.
• Construction, paralegal or legal assistant experience is a plus.
• Experience handling surety bond claims is a plus.
• Must be detail oriented, organized, and possess strong analytical skills.
• Strong negotiation and mediation skills are required.
• Strong verbal and written communication skills are necessary for this position.
• Must be proficient in MS Office.
• Ability to work in a fast-paced environment.