Sr. Surety Engineer

Job Description

Marketing Statement

Philadelphia Insurance Companies, a member of the Tokio Marine Group, designs, markets and underwrites commercial property/casualty and professional liability insurance products for select industries.   We have been in operation since 1962 and are nationally recognized as a member of  Ward's Top 50 and rated A++ by A.M.Best.

Qualifications

Job Summary:  Assist Claim Handlers in the investigation, analysis and evaluation of liability of performance and payment claims.  Provide technical engineering and construction support to Underwriters in the form of bid reviews and operational reviews.

Responsibilities:  Primary responsibilities include evaluation, analyses, and mitigation of loss exposure involving construction performance and payment claims, and contractor accounts experiencing declines in financial health.

1. Claim Support
   • Claim Investigation:  Coordinate with Claims Handlers to assist with internal investigation of construction performance matters upon receipt of notices of potential or actual default/termination, financing requests, or complex payment bond claims that would benefit from engineering review.  Review contract documents, claim allegations, and principal’s position.  Contact or meet with parties to discuss project history, current status, completion requirements, and inspect project if warranted.  Provide technical recommendations to Senior Engineer, Claim Handler and Claim Management to be analyzed as part of Surety’s determination of liability and strategy for responding to claims.  Assist in reviewing appropriate loss exposure.
   • Project completion:  Assist with development, implementation and management of surety’s strategy plan to mitigate losses.  When performance bond liability of the Surety has been established, assist Claim Handlers in mitigating exposure through:  analysis of cost efficient methods of completion; preparation of re-let solicitation packages; negotiation and execution of subcontractor ratification agreements; assist in drafting terms of completion agreements with obligee and completion contractor; project monitoring and schedule analysis to mitigate damages; preparing or reviewing monthly payment applications; monitor collection of contract balances; project administration; closeout; and warranty issues.  Routinely evaluate costs to complete and prospective loss exposure.
   • Outside Consultants:  For those matters requiring surety consultants or specialty vendors – prepare scope of assignment and oversee tasks performed by outside consultants.  Review billing invoices and provide Claim Handlers with recommendations for payment. 
2. Underwriting Support
   • Bid Reviews: If a significant bid spread occurs, at the request of Underwriting, analyze the bid results and review the principal’s bid for adequacy and provide an opinion and course of action.  
   • Operational:  Evaluate the operational strength of existing or potential accounts at the request of Underwriting.  If warranted, coordinate with accounting consultants to measure the financial strength of the account.  These reviews entail the evaluation the quality of a contractor’s estimating, project management, accounting, and home office/field personnel. Review long term business objectives and surety credit needs.  Provide opinions and recommendations on the account’s method of internal controls, job cost systems, and financial reporting.
   • Funds Control: When needed, assist internal Construction Services in reviewing recommendations for payment via Funds Control.

Qualifications

Education: BS in Engineering, Construction Management or similar type major.

Experience:  8-16 years construction and/or surety related

Travel requirements: 20 to 40 %

Location: The targeted location for this position is in the Dallas Texas or Walnut Creek metro areas.  Alternate locations will be considered, however, ultimate salary offered will be based on factors such as applicant experience and geographic locations.

Salary Range

CA - Walnut Creek: $133,600 - $155,900

EEO Statement

Tokio Marine Group of Companies (including, but not limited to the Philadelphia Insurance Companies, Tokio Marine America, Inc., TMNA Services, LLC, TM Claims Service, Inc. and First Insurance Company of Hawaii, Ltd.) is an Equal Opportunity Employer.  In order to remain competitive we must attract, develop, motivate, and retain the most qualified employees regardless of age, color, race, religion, gender, disability, national or ethnic origin, family circumstances, life experiences, marital status, military status,  sexual orientation and/or any other status protected by law. 

Benefits

We offer a comprehensive benefit package, which includes tuition reimbursement and a generous 401K match. Our rich history of outstanding results and growth allow us to focus our business plan on continued growth, new products, people development and internal career opportunities.  If you enjoy working in a fast paced work environment with growth potential please apply online.

Additional information on Volunteer Benefits, Paid Vacation, Medical Benefits, Educational Incentives, Family Friendly Benefits and Investment Incentives can be found at  https://www.phly.com/Careers/default.aspx