Case Study: Securing $5M Coverage for a Small Pennsylvania Law Firm with a High Risk Practice

Background

A two-attorney, pre-revenue Pennsylvania startup firm was seeking $5 million in professional liability coverage for their high-risk oil and gas practice. Additionally, the firm needed the $5 million limits to satisfy its clients' contractual requirements, adding urgency to the search for coverage. This combination—a small firm with a high-risk area of practice—posed significant challenges in finding suitable coverage. Most carriers declined the request due to the high limits sought for such a small firm and the elevated exposure associated with the oil and gas industry.

Challenges

• High Limit Request The firm needed $5 million in total coverage, which was seen as excessive for a firm of its size.
• High-Risk Area of Practice With a full focus on oil and gas, many carriers viewed the firm's practice as high hazard, further complicating their ability to find coverage.
• Unresponsive Wholesalers Traditional wholesalers were often unresponsive, focusing only on larger enterprise deals, leaving smaller firms without adequate support.

Solution

Our brokerage team quickly identified an admitted primary carrier ready to provide $2 million in limits at a competitive rate of $2,500 per million in premium. We then secured an excess $3 million policy, also on an admitted basis, reaching the desired total coverage of $5 million. Both policies were finalized within five days of receiving the submission, surpassing the competition from the agent’s direct markets and another wholesale broker.

Result

Thanks to our fast turnaround and strategic approach, we provided the law firm with the $5 million in coverage they needed, fully admitted and tailored to their unique risks. Our solution ensured the firm had comprehensive protection for its high-risk practice, securing its business and allowing it to continue servicing the oil and gas sector confidently.

Leveraging our expertise in high-hazard areas like oil and gas, Flow delivered a comprehensive professional liability program that met the firm’s coverage needs, even under competitive market conditions. Flow is built with both the broker expertise and the technological infrastructure required to ensure that every deal receives the attention it deserves, regardless of the premium size.