Smaller law firms face many of the same professional liability exposures as their larger counterparts but often find it difficult to access tailored insurance solutions to meet their specific risk management needs. Sompo International’s U.S. Lawyers’ Professional Liability (LPL) team has partnered with ARC Excess & Surplus to distribute the flexible solutions and industry experience needed to protect small but growing law firms.
At Sompo Pro, U.S., a dedicated team of specialized underwriters is committed to offering Law Firms of varying sizes with tailored insurance solutions. Their “underwriting first” approach focuses on long-term partnership with their insured firms. Sompo Pro has a longstanding, proven track record in consistently meeting the unique risk management challenges faced by Law Firms. They recognize that it’s often difficult for small law firms to access market-leading coverage, customer service, and the specialized LPL claims handling experience required to meet their specific exposures and risk management challenges. That’s why Sompo Pro has partnered with ARC Excess & Surplus, LLC to distribute an LPL product designed specifically for law firms with 5 – 19 attorneys.
Why Sompo Pro?
- Broad coverage and competitive pricing
- Exceptional financial strength (A+ financial ratings)
- Dedicated professional lines underwriting team focused on serving law firms
- In-house claims professionals, all of whom are attorneys who specialize in legal industry E&O claims
- Longstanding track record and commitment to the LPL space
- Tailored approach to risk control services
- Focus on developing long-term partnerships with distribution partners and insureds
Why ARC?
- ARC is a leading Professional and Management Liability brokerage
- Exceptional brokers that provide the expertise, service standards and leadership needed to understand the E&O requirements of small law firm clients
- Dedicated team to serve clients with a wide array of Professional Liability Insurance solutions
- ARC empowers business professionals, by first understanding the issues and then tailoring specific solutions
Coverage Features
- Up to $3M capacity available
- Minimum SIR of $5,000
- Flexibility to provide lead, follow, or excess coverage based on specific program structure
- Bespoke coverage to meet client needs
- Mutual Choice of Counsel
- Punitive Damages where insurable
- Broad definition of Insured
- Supplementary Payments
- Non-practicing Reporting Period
- Crime/Fraud exclusion is subject to final adjudication
- BI/PD Exclusion tailored for law firms
Target Classes
- Law Firms with between 5 and 19 attorneys
- Will consider most practice areas and all jurisdictions (can write worldwide where legally permissible)
Admitted & Non-Admitted Options
Lawyers’ Professional Liability risks are written on Sompo International’s surplus lines paper, unless we are following an admitted insurer on either a primary quota share or follow form excess basis. In those cases, we may offer admitted capacity.
Submission Requirements
- Recently completed long-form application or latest renewal application with most recent long-form application (other professional liability carriers’ applications are acceptable)
- 5 years of currently valued carrier loss runs
- Copy of insured’s current policy
