Corgi vs Cowbell: Commercial Crime Insurance

Corgi sells a startup crime policy with online quotes in under 10 minutes; Cowbell's crime module, underwritten by Zurich, targets private companies under 250 employees and $50M in assets and is open only to appointed Zurich E&S wholesalers, not sold directly to businesses.

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

Crime coverage

Corgi

  • role: Corgi sells Crime & Fidelity as a standalone startup policy, describing it as first-party coverage that pays the company back when money (not data) is stolen through employee theft, social engineering, computer fraud, forgery or funds-transfer fraud. Product page for form CORG-CRM-0100, last reviewed by Corgi on April 24, 2026 per the page itself.company-reportedSource ↗
  • coverage: The standard policy bundles four insuring agreements: employee dishonesty, social engineering fraud (business email compromise), computer fraud, and funds transfer fraud, plus forgery and alteration of checks or drafts. Coverage summary for form CORG-CRM-0100; the illustrated scenarios are examples, not a guarantee of coverage for a specific claim, and the issued policy controls.company-reportedSource ↗
  • coverage: Social engineering fraud (business email compromise) is commonly sublimited to $250,000 against the $1 million policy aggregate, and Corgi conditions the sublimit on documented out-of-band verification controls for changes to vendor wire instructions. Product-page scenario notes and FAQ; the exact sublimit and required controls are underwriting-dependent and confirmed on the declarations page.company-reportedSource ↗
  • coverage: Corgi's Crime & Fidelity policy is written on a discovery basis, meaning coverage attaches when a loss is discovered during the policy period regardless of when the underlying dishonest act occurred, and it offers an optional discovery period of up to one year after termination to report a loss. Product-page glossary and FAQ description of form CORG-CRM-0100.company-reportedSource ↗
  • limits: Corgi's illustrative Crime & Fidelity structure shows a $1,000,000 per-occurrence and aggregate limit across its insuring agreements, with a $10,000 self-insured retention per occurrence. Illustrative policy structure on the product page ('Anatomy of a $1M / $1M / $10K Crime & Fidelity Policy'); actual limits and retentions appear on the declarations and Corgi says standard limits scale with payment volume for growth-stage and at-scale companies.company-reportedSource ↗
  • insurer: Corgi's disclaimers say coverage may be underwritten through affiliated or partner carriers, including Corgi Insurance Company, Inc. (an admitted carrier) or Technology Risk Retention Group, Inc.; the crime product page itself does not name which entity underwrites a given Crime & Fidelity policy. General carrier-financial-strength disclosure that applies across Corgi's product lines, not a crime-specific underwriter statement; your policy names the actual insurer.company-reportedSource ↗
  • application: Corgi says it can issue Crime & Fidelity coverage and a binder the same day, and offers instant quotes in under 10 minutes through its online application. FAQ marketing claims on the product page; quote and bind speed are not independently verified.company-reportedSource ↗
  • eligibility: Corgi positions Crime & Fidelity primarily for fintechs, payroll companies and marketplaces that move customer funds, noting it is frequently required by sponsor banks and Banking-as-a-Service (BaaS) partners before a fintech can go live. Industry-applicability section of the product page; other startups can also buy the policy, and eligibility for any given business depends on underwriting.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 Corgi and Cowbell Crime Insurance?

Corgi gives fintechs, payroll companies and marketplaces that move customer funds an online application with quotes in under 10 minutes and a same-day binder. Cowbell sells its Zurich Select Plus module only through appointed wholesalers; its targets are private companies under 250 employees and $50 million in assets. Choose Corgi if your company moves customer funds and needs an online quote; choose Cowbell if your private firm fits those size caps and already works with an appointed wholesaler. [5] [3]

Standalone Policy Versus a Select Plus Module

Corgi sells Crime & Fidelity as a standalone startup policy. Crime on Cowbell’s platform is one module inside Zurich’s Select Plus management-liability product: Cowbell operates the platform and Zurich underwrites the module. [3] [5] [9]

Fintech Funds Versus SME Headcount

Corgi aims Crime & Fidelity at fintechs, payroll companies and marketplaces that move customer funds, noting it is frequently required by sponsor banks and Banking-as-a-Service partners. Cowbell targets the crime module at private companies with under 250 employees and under $50 million in assets, across Select Plus target industries. [3] [5]

How Coverage Is Described

Corgi’s standard form bundles employee dishonesty, social-engineering fraud, computer fraud and funds-transfer fraud, plus forgery, with social-engineering fraud commonly sublimited to $250,000 when out-of-band vendor-wire controls are documented. Cowbell describes crime as protecting against theft, fraud and embezzlement by employees or third parties. [3] [5]

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

  • Compare Corgi’s illustrative $1 million occurrence and aggregate limit and $10,000 retention with the Select Plus quote. Cowbell’s reviewed pages do not publish crime limits. [3] [5] [9]
  • Get the insurer named on each quote. Corgi’s crime page does not name which affiliated or partner carrier underwrites a given Crime & Fidelity policy. Cowbell and Zurich say Select Plus crime is written on Zurich admitted paper and do not state that Zurich American Insurance Company is the module’s issuer. [4] [5] [9]
  • Confirm Corgi’s discovery basis and out-of-band wire-control condition on the declarations. [3]

Corgi targets fintechs, payroll companies and marketplaces moving customer funds; Cowbell targets private companies below 250 employees and $50 million in assets through appointed 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
    Crime & Fidelity Insurance for Startups

    Corgi Insurance · What's Actually Inside Your Crime & Fidelity Policy (form CORG-CRM-0100); Anatomy of a $1M/$1M/$10K policy; Scenario notes; Industry Applicability & Compliance; FAQ · accessed 2026-09-23

  4. 04
    Disclaimers

    Corgi Insurance · Carrier Financial Strength: 'Coverage may be underwritten through affiliated or partner carriers, including Corgi Insurance Company, Inc. ... Certain coverages may also be underwritten by Technology Risk Retention Group, Inc.' · 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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