Which of the following would most likely lead to a surplus lines policy being issued?

A surplus lines policy is typically issued when standard insurance markets are unable to provide the coverage that a particular risk requires. This situation often arises due to the unique nature of the risk, which may be considered too specialized or hazardous for traditional insurers. For instance, an emerging technology company might have specific liability needs that standard insurers are not equipped to handle, making a surplus lines solution a more suitable option.

In contrast, situations described by the other options do not align with the fundamental purpose of surplus lines insurance. A risk too low for standard markets suggests that there is an abundance of coverage options available, leading to no necessity for a surplus lines policy. Similarly, having no claims history may indicate a lower risk profile, which again would typically fit well within standard market offerings. Lastly, an insurer's preference for lower volumes does not directly impact the issuance of surplus lines policies; surplus lines generally arise from the inability to place a risk in the standard market rather than the preference of insurers.

Understanding this dynamic clarifies that surplus lines policies are fundamentally designed to cater to those risks that cannot be adequately met through conventional insurance channels.