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

Background

A Pennsylvania law firm, consisting of two attorneys, was seeking $5 million in professional liability coverage. The firm had a 100% focus on the oil and gas industry, an area considered a higher hazard due to the inherent risks and complexities of the sector. 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.

Competition The firm’s agent had approached multiple carriers directly, as well as another wholesale broker, but had yet to secure a viable solution.

Solution

Our brokerage team quickly identified an admitted primary carrier willing to offer $2 million in limits. Additionally, we procured an excess $3 million policy, also on an admitted basis, to bring the total coverage to the desired $5 million. Both policies were secured within five days of receiving the submission, beating out 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.