Coalition vs Cowbell: Commercial Crime Insurance

Coalition's crime goes through appointed brokers to private and nonprofit organizations with up to 1,000 employees; Cowbell's Zurich-underwritten crime module targets private companies under 250 employees and $50M in assets and is open only to appointed Zurich E&S wholesalers.

Van Ness Partners presents a practical comparison of source materials relevant to financial crime exposures.Research updated 2026-09-29

Crime coverage

Coalition

  • role: Coalition designs and distributes crime insurance as one of four coverages in its Executive Risks product suite, sold through appointed brokers. Executive Risks product page as read on 2026-09-23.company-reportedSource ↗
  • coverage: Coalition says its crime coverage responds to losses from criminal activities including theft, fraud, and certain cybercrimes, flagged on the page as subject to exclusions and limitations. Executive Risks product page as read on 2026-09-23; the issued policy controls which cybercrime scenarios are actually covered.company-reportedSource ↗
  • eligibility: Coalition says Executive Risks products, including crime, are available to private and not-for-profit U.S. organizations in all 50 states and Washington, D.C., with up to $500 million in assets, up to 1,000 employees, and up to $500 million in plan assets. Executive Risks FAQ as read on 2026-09-23.company-reportedSource ↗
  • limits: Coalition says limits up to $10 million per coverage line may be available for Executive Risks products, including crime, subject to exclusions and limitations. Executive Risks FAQ as read on 2026-09-23; not a quoted or bindable limit for any specific applicant.company-reportedSource ↗
  • insurer: Coalition's disclaimer names Zurich American Insurance Company (NAIC 16535) as the admitted carrier for Executive Risks, and says Coalition Insurance Solutions, Inc. also places Executive Risks with unaffiliated insurers on a non-admitted basis, so the carrier for a specific crime policy depends on the placement route. U.S. Disclaimers page as read on 2026-09-23.company-reportedSource ↗
  • application: Coalition distributes Executive Risks, including crime, only through appointed insurance brokers rather than direct to buyers. Executive Risks product page as read on 2026-09-23.company-reportedSource ↗

Cowbell

  • role: Crime coverage is one module within Cowbell's distribution of Zurich's Select Plus management liability product; Cowbell operates the platform, Zurich underwrites the module. Zurich's own page lists 'Crime Insurance' as one of the four modules a buyer can combine. Management liability page intro and module list; Zurich page module-name section.company-reportedSource ↗Source ↗
  • insurer: Cowbell and Zurich both say the Select Plus modules, including crime, are written on Zurich admitted paper. Zurich's site footer names 'Zurich American Insurance Company' in its copyright notice, but neither page states that entity is the specific policy issuer for this module. Management liability page intro; Zurich page intro and footer.company-reportedSource ↗Source ↗
  • eligibility: Cowbell targets this crime module at private companies with under 250 employees and under $50M in assets, across the same target industries listed for the broader Select Plus product. FAQ 'What size accounts are targeted?' and Target industries list.company-reportedSource ↗
  • coverage: Cowbell describes crime coverage as protecting against losses resulting from criminal acts such as theft, fraud, and embezzlement committed by employees or third parties. FAQ 'What is the difference between management liability and D&O?'.company-reportedSource ↗
  • limits: Neither the Cowbell page nor Zurich's own Select Plus page, both read in full, publishes crime-coverage limit or retention amounts. Cowbell page and Zurich page, both read on 2026-09-23.not-disclosedSource ↗Source ↗
  • services: Neither reviewed page describes crime-specific risk-control services such as employee-dishonesty prevention programs; both describe the Select Plus product's claims backing only at the whole-product level. Management liability page and Zurich page, both read on 2026-09-23.not-disclosedSource ↗Source ↗
  • application: This crime module is accessed only by appointed Zurich E&S wholesalers through the Cowbell platform's API; it is not sold directly to businesses. FAQ 'How can I access the Zurich Select Plus management liability product through Cowbell?'.company-reportedSource ↗

What Are the Key Differences Between Coalition and Cowbell Crime Insurance?

Eligibility Caps and Broker Access

Coalition offers Executive Risks crime to private and nonprofit U.S. organizations with up to 1,000 employees, $500 million in assets and $500 million in plan assets; buyers use an appointed broker. Cowbell targets private companies under 250 employees and $50 million in assets, but the crime module is available only to appointed Zurich wholesalers through Cowbell’s API. Choose Coalition if your private or nonprofit organization fits its caps and your broker can access the program; choose Cowbell if your company fits its smaller size limits and you work through an appointed Zurich wholesaler. [3] [5] [9]

Limits and Cover Wording

Coalition says limits up to $10 million per coverage line may be available. Neither the Cowbell page nor Zurich’s Select Plus page publishes crime-coverage limit or retention amounts. Coalition describes crime as responding to theft, fraud and certain cybercrimes, subject to exclusions and limitations; Cowbell specifically includes embezzlement by employees or third parties. [3] [5] [9]

What Should You Confirm in Coalition and Cowbell Crime Insurance Quotes?

  • Ask whether the Coalition quote is admitted Zurich paper or non-admitted, and whether the crime limit is the $10 million maximum. [4] [3]
  • Confirm you fit Cowbell’s 250-employee and $50 million-asset band versus Coalition’s higher asset and employee caps. [5] [3]
  • Confirm you can reach Cowbell only through an appointed Zurich E&S wholesaler. [5]
  • Get Select Plus crime limits; the reviewed pages do not publish them. [9]

Coalition offers up to $10 million per line to private and nonprofit organizations within 1,000-employee and $500 million asset caps; Cowbell targets private firms under 250 employees and $50 million in assets through wholesalers.

Sources consulted

  1. 01
    Commercial Insurance Guide

    California Department of Insurance · Crime · accessed 2026-09-16

  2. 02
    Social Engineering Fraud Insurance

    Chubb · Opening; coverage highlights · accessed 2026-09-16

  3. 03
    Executive Risks

    Coalition · Product Offering: Crime — covers losses that result from various criminal activities, including theft, fraud, and certain cybercrimes* (exclusions and limitations apply; see disclaimers and the policy as issued); FAQ: What type of businesses do you protect?, What limits do you offer?, What resources do you have for policyholders? · accessed 2026-09-23

  4. 04
    U.S. Disclaimers

    Coalition · Admitted Executive Risk: insurance products offered by Coalition Insurance Solutions, Inc. acting on behalf of unaffiliated insurance companies and, on an admitted basis, on behalf of Zurich American Insurance Company (NAIC # 16535) · accessed 2026-09-23

  5. 05
    Management liability coverage for small & medium enterprises

    Cowbell · FAQ 'What is the difference between management liability and D&O?' (Crime Coverage definition); Target industries list; FAQ on access and account size · accessed 2026-09-23

  6. 06
    Crime Terms and Conditions

    The Travelers Companies, Inc. · I.A–G, printed/PDF pages 1–4; III.RR, printed/PDF p.13; V.B.1–2, printed/PDF pp.18–20; Consideration, printed/PDF p.1; III.P p.8; V.A.3 pp.16–17; V.A.4 p.17; V.B.3 p.20; I.A.3 p.1; III.C p.7; III.S pp.8–9; III.II and III.KK p.12; III.QQ p.13; V.A.5 pp.17–18 (printed/PDF pages); IV.J–O, printed/PDF pages 14–15 · accessed 2026-09-16

  7. 07
    Crime Non-Financial Applications and Forms

    Travelers · Opening paragraph; Sample Policy Forms · accessed 2026-09-16

  8. 08
    Commercial Crime Coverage Application

    Travelers Casualty and Surety Company of America · I–III pages 1–2; IX–XI pages 3–4; V–VII, printed/PDF pages 2–3 · accessed 2026-09-16

  9. 09
    Small and Midsize Business Management Liability | Zurich Select Plus

    Zurich North America · Intro on the Zurich/Cowbell collaboration; module name 'Crime Insurance'; FAQ 'What is the difference between management liability and D&O?' (identical to Cowbell's page); Targeted industries list; footer copyright · accessed 2026-09-23

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