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Subcontractor Default Insurance Engineer

Company: Liberty Mutual Insurance
Location: Somerville
Posted on: March 17, 2023

Job Description:

Our Subcontractor Default Insurance (SDI) team within Liberty Mutual Surety is growing!As a part of our construction product offerings and portfolio, Liberty Mutual is hiring a Risk Engineer to join our growing Subcontractor Default Insurance (SDI) team. As an SDI Risk Engineer you will be responsible for supporting the underwriting process by performing construction risk analyses of contractor accounts of all sizes and complexities in support of Liberty Mutual's SDI strategy. Furthermore, you will be responsible for providing consultative services to customers as part of their SDI program; these services will focus primarily on subcontractor prequalification, quality control, schedule analysis, claim avoidance and preparation, risk identification, and other subcontractor risk management controls. You will work to support the claims process as needed, participate in audit and administrative functions, and assist with the assembly and review of data to support the objectives of the unit. Collaboration with underwriters, claims analysts, and other teams within Liberty Mutual Surety as well as customers, brokers, and other outside parties will be a vital part of your role as an SDI Risk Engineer.Liberty Mutual Surety, a business unit of Liberty Mutual Insurance, is the #1 Surety in the United States and the largest globally. Conducting business worldwide through fronting relationships and Liberty-owned subsidiaries, we provide bonds in over 60 countries for construction firms, manufacturers and suppliers, and commercial enterprises on an account and transactional basis. We are committed to building mutually profitable relationships by providing smart business solutions, ease of doing business, and consistent, responsive service. Liberty Mutual Surety is dedicated to the communities we serve and highly values a diverse workforce in more than 16 countries.Responsibilities:

  • Responsible for technical and construction analysis of general contractor practices, construction projects, and individual subcontracts ranging in size and complexity to support underwriting process.
  • Active involvement in underwriting process including review of contractor submission material, analysis and comparison of submission data, identification of top risks, coordination with underwriter, preparation of prospective account risk analysis report, and participation in underwriting meetings.
  • Performance of consultative services to customers including presentations, and preparation of technical reports.
  • Collection, assembly, and review of data to be analyzed for account and program risk evaluation including but not limited to subcontractor default history, enrollment statistics, and other relevant metrics.
  • Coordination of site inspections of projects and meetings with customers including interface with brokers and other parties.
  • Evaluate and provide detailed feedback on subcontractor prequalification processes, quality control tasks and programs, construction schedules, subcontractor bid spread analysis, and other subcontractor risk management controls.
  • Communicate with SDI Underwriter on relevant account information and provide guidance or suggestions based on observation(s) of construction and risk management-related observations.
  • Ability to read and understand complex construction schedules, identify critical path activities, and have a basic understanding of construction delay calculation methodologies.
  • As requested by claims or underwriting, lead/participate in visits to contractors to assess internal control structure, job cost systems and reporting capabilities and how senior management oversees business activities.This process includes gathering contracts, schedules, original estimates, job cost reports, cost-to-complete schedules, and interviews of key personnel. The engagement conclusion typically results in a written report outlining key deficiencies with suggestions to improve the operations. Advises underwriting as to key findings.
  • Review and provide assessment of unique subcontractor or project conditions when required to support underwriting or customer service requests.
  • Working knowledge of construction contracting and preconstruction procedures such as contract types, delivery methods, RFPs, construction contract and change order language, estimating and bid documentation, and other procurement strategies.
  • Participate in and attend training seminars, conferences, and otherwise to maintain contemporary understanding of construction and insurance industry trends.
  • Trains and mentors others in the organization.
  • Represents the company in key industry related organizations to enhance the Liberty Mutual Surety image and promote marketing effectiveness. Please note: Salary will be based on overall experience and location. Your total compensation package goes beyond your base salary. It also includes participation in our annual bonus program.

Keywords: Liberty Mutual Insurance, Somerville , Subcontractor Default Insurance Engineer, Engineering , Somerville, Massachusetts

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