What Are the Key Differences Between CFC and Lockton Crime Insurance?
Business Eligibility and Claims Handling
CFC includes crime in US Management Liability but declines California-domiciled and U.S. public companies. Lockton serves nonprofit, private and public organizations and assigns crime and fidelity claims to its Professional & Executive Risk Claims team; CFC says a dedicated adjuster manages claims from notice through resolution. Choose Lockton if you need crime arranged for a public company or nonprofit; choose CFC if you meet its eligibility and want its package and dedicated adjuster. [5] [2] [8]
Financial Institutions and Other Buyers
Lockton says crime coverage is relevant to nonprofit, private and public organizations of any sector, calls out small businesses as particularly exposed, and notes that financial institutions are frequently required to carry a financial institution bond, distinct from general crime coverage. CFC’s brochure lists California-domiciled business and US publicly traded companies among declined risks for the package that carries this crime coverage. [8] [5]
Claim Types Versus Brochure Agreements
Lockton lists employee theft, forgery or alteration of negotiable instruments, theft on or off premises, computer fraud, counterfeit currency, and social-engineering impersonation fraud involving customers, vendors or employees. CFC’s brochure lists employee theft, funds-transfer fraud, credit-card and currency fraud, client crime, and on- or off-premises theft. [8] [5]
Claims Handling
Lockton says its Professional & Executive Risk Claims team, which integrates insurance and claims counsel within the broking team rather than treating claims advocacy as a separate profit center, handles crime and fidelity claims. CFC provides a US claim-notification route by phone, email and online form and says a dedicated claims adjuster manages a claim from notification through resolution. Lockton’s page does not name the insurers it places with; CFC’s regulatory page also does not name the issuer for a given US crime policy. [8] [2] [6]