Bonds & Insurance Specialist

The Bonds & Insurance Specialist is responsible for analyzing and determining appropriate insurance coverage, limits and deductibles for contractual transfer of risks in all contracts and leases. S/he reviews bonds and insurance certificates submitted to the Commission to ensure compliance with Commission, state and federal regulations, and general specifications

Essential Functions

- Analyzes and determines appropriate insurance coverage, limits and deductibles on quotes or formal solicitations of bids and proposals for contractual transference of all risks in all Commission contracts and leases in advance advertisements

- Reviews and makes recommendations regarding submittals received from bidders to determine responsiveness regarding proposed contracts from various departments, divisions, and sections to ascertain if bonding and insurance requirements have been satisfactorily met

- Obtains proper levels of insurance for projects or ensure current certificate is submitted from contractor(s)

- Interacts with brokers and insurance agents concerning forms and claims

- Reviews bonds and insurance certificates filed on behalf of all contractors, consultants, and anyone supplying goods and services to the Commission

- Answers written and verbal inquiries concerning bonds and insurance requirements including discussions with insurance agents and bonding / surety companies

- Maintains an active file of agencies who deal with contractors, consultants, and anyone supplying goods and services to the Commission under contract

- Provides summaries to the leadership on incidents, claims and claim payments

- Updates bonds and insurance information in a computer application

- Monitors and maintains contractor’s insurance certificates

- Submits monthly report on insurance claims processed and reimbursements received

- Notifies contractors, contracting officers representative or contract managers when certificate is expiring and ensures new certificate is obtained or provided

- Determines bid, payment and performance bonds

- Assists the supply chain risk manager in identifying potential areas of compliance vulnerability and risk

- Develops/implements corrective action plans for resolution of problematic issues, and provides general guidance on how to avoid or deal with similar situations in the future

Other Functions

- Works with the General Counsel’s office and finance department to process claims against bonds as needed

- Handles special assignments and projects as necessary

- Performs other related duties as required

Work Environment And Physical Demands

Work is performed in a business casual office environment.

Required Knowledge, Skills, And Abilities

- Knowledge of investigation techniques, negligence and contract law, medical terminology, construction costs/methods and auto damage appraising

- Knowledge of multi-line insurance coverage

- Extensive knowledge of bond coverage and costs

- Basic knowledge of bid bonds, payment bonds and performance bonds and when they are required

- Basic knowledge of different types of additional insured endorsements

- Knowledge and understanding of the differences between construction agreements, professional service agreements and lease agreements

- Knowledge of types of insurance required for each agreement type

- Ability to read and interpret insurance policies, insurance certificates and bond indemnification agreements

- Ability to work under pressure, meet deadlines and adjust to changing priorities

- Ability to determine the type insurance coverage and amount needed for each project

- Ability to verify bonding capacity and to confirm bonds with surety

- Ability to deal tactfully and effectively with people

- Ability to communicate effectively verbally and in writing

Minimum Education, Experience Requirements

- Bachelor’s degree

- 3+ years experience in multi-line insurance and claims adjustments or risk management with government contracts

OR

- High School diploma or equivalent - 7+ years experience in multi-line insurance and claims adjustments or risk management with government contracts