What Are the Key Differences Between Counterpart and Lockton Crime Insurance?
Scenario Breadth and Claim Support
Lockton’s Crime and Fidelity list includes employee theft, forgery, on- and off-premises theft, computer fraud, counterfeit currency, and impersonation involving customers, vendors, or employees. Counterpart lists employee theft, forgery, computer or system fraud, funds transfers, and social engineering. Lockton says its Professional & Executive Risk Claims team handles crime claims and integrates claims counsel into the broking team; Counterpart’s scenario claim does not describe a claims service. Ask who will advocate after a loss. [4] [6]
Intermediary Roles and Financial-Institution Bonds
Both companies arrange coverage rather than underwrite it: Lockton describes a brokered crime and fidelity program, while Counterpart distributes through its producer and wholesale brokers. Lockton distinguishes general crime cover from financial-institution bonds that banks may be required to carry. A business in financial services should establish which product is intended and who the actual carrier is before using a crime quote to satisfy a contractual requirement. [5] [3] [6]