In-House Counsel, Insurance Contracts – Wordings Expert

Job Title: In-House Counsel – Group Head of Insurance Contracts & Wordings
Location: London
Package: £108,000
Job Type: Permanent 

Purpose of the Job:

To provide in-house legal support for the group Wordings team and the wider business in respect of insurance contracting and wordings issues, including in particular the underwriting of cyber risks.

To assist in the negotiation, drafting, preparation and production of insurance contract wordings and other associated documentation for all classes of business, including cyber risks.

Principal Accountabilities:

Development and management of wordings strategy

• To develop the wordings strategy including for cyber risks in conjunction with the group Wordings team and underwriting teams.
• To design and maintain information management tools in support of the wordings strategy as required.
• To coach, mentor and provide regular training sessions on insurance contracting and wordings issues, including cyber risks, for other Wordings team members and for members of the underwriting, legal and claims teams as required.
• To keep up to date on emerging risks and legal and regulatory developments impacting insurance contracting and wordings, and all aspects of cyber insurance law and cyber liability law in the UK and the US and in particular around data breaches, cyber attacks and consumer lawsuits.
• To advise on all wordings issues, particularly cyber risks, including around first party and third party losses across both core cyber classes and other classes.
• To represent as requested on relevant market bodies and to enable to demonstrate to peers and clients market leading expertise in wordings and cyber risks.

Wording production and advice

• To assess internal clients needs and offer solutions to wordings, policies, binding authorities and other documentation.
• To provide advocacy support to underwriters in handling broker negotiations.
• To provide legal advice in respect of policy wordings and binding authority agreements.
• To be a subject matter expert on insurance contracting and wordings issues.

Service Management

Support the Group Wordings Teams to:                                    

• Establish and maintain working relationships with BGS business partners.
• Measure and report progress against objectives.

Organisation and Management

• Manage own workload to ensure daily, weekly and monthly targets are achieved.
• Assist line manager with overall business planning and workflow planning especially to ensure times of peak workloads are covered adequately

Decision Making Responsibilities:

• In line with position with escalation of any significant issues outside of remit or authority level.
• Apply expert knowledge to solve complex problems.

Regulatory Conduct Rules:

1.         Act with integrity.

2.         Act with due skill, care and diligence.

3.         Be open and co-operative with Lloyd’s, the FCA, the PRA, and other regulators.

4.         Pay due regard to the interests of customers and treat them fairly.

5.         Observe proper standards of market conduct.

Education, Qualifications, Knowledge, Skills and Experience:

Experience:

Demonstrable experience and skills in the following areas:-

• Experience advising underwriters and claims professionals on insurance contracting and wordings issues probably gained at a leading UK or US insurance law firm.
• Comprehensive understanding of structure and scope of standalone cyber insurance products and familiarity with “silent cyber” issues
• Experience of working within the London market preferred.
• Comprehension of the Lloyd’s framework, subscription market, Xchanging, Wordings repository, etc.

Functional/ Technical Competency:

• Ability to act as a wordings expert and provide expert resource both within the wordings team and to the wider business, including in respect of cyber risks
• Lead projects relevant to wordings, including cyber wordings, and to serve as a best practice/quality resource across the business

• Good working knowledge of Lloyd’s web based tools such as the QA tool, Crystal, Wording Repository.
• Good working knowledge of Market Reform Contracts.
• Detailed knowledge and experience of insurance policy legislation and insurance case law.
• Experience of direct contact with external parties (such as brokers).
• Good working knowledge of underwriting systems and processes.
• Experience with binding authority agreements, delegated underwriting contracts, lenders endorsements, reinsurance certificates, etc.

Planning, Organising & Communication:

• Self starter, who can manage themselves and others effectively, communicates tasks and objectives clearly and ensure time is fully utilised.
• Proven influencing skills and the ability to communicate complex issues clearly to stakeholders at all levels within the business.
• Can manage own tasks effectively: Uses simple tools and systems to structure personal activities (e.g. to do lists, follow up procedures).
• Quickly and accurately reports on the status of work.
• Meets deadlines by managing time.
• Ability and confidence to change/ direct wording appetite as and when required.
• Manage and run complex projects involving multiple stakeholders.

Qualification:

• UK or US legal professional qualification.
• Comprehensive knowledge and experience of insurance and reinsurance law and regulations likely to have been gained at a leading UK or US insurance law firm.
• Ability to find practical solutions to legal issues.
• Flexibility to travel as necessary.

For a full brief please contact one of our specialist consultants:-

Tel: 0121 272 3291

Email: admin@lawesgroup.co.uk