Cowbell vs Foundershield: Commercial Crime Insurance

Founder Shield is a retail brokerage placing crime with carriers rated A- or above, calling it a priority for healthcare and financial services; Cowbell's Zurich-underwritten crime module targets companies under 250 employees and $50M in assets via appointed wholesalers.

Van Ness Partners presents a practical comparison of source materials relevant to financial crime exposures.Research updated 2026-09-25

Crime coverage

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 ↗

Founder Shield

  • role: Founder Shield is a retail insurance brokerage, described on its site as “the innovation arm of The Baldwin Group,” and places Founder Shield Crime Insurance with third-party carriers rather than underwriting the policy itself. About-us page; applies to Founder Shield's brokerage model generally, restated here for this line.company-reportedSource ↗
  • eligibility: Founder Shield calls this coverage a priority for healthcare, financial services, non-profit and manufacturing/retail companies because of their exposure to internal or external theft. Crime Insurance product page.company-reportedSource ↗
  • coverage: Founder Shield lists employee dishonesty (theft or embezzlement by an identified employee), forgery or alteration of financial instruments, computer fraud, and funds-transfer fraud from social engineering as the branches of crime coverage it places. Product page; the issued policy and declarations control actual coverage.company-reportedSource ↗
  • insurer: Founder Shield says it places policies, including Founder Shield Crime Insurance, only with carriers rated A- or better by AM Best, chosen for the client's industry. It does not name the issuing insurer for this line; that depends on which carrier the policy is placed with. General carrier-selection FAQ, not specific to this line's placements.company-reportedSource ↗
  • application: You request Founder Shield Crime Insurance through Founder Shield's website or an insurance advisor rather than binding coverage directly; Founder Shield says its placement team then approaches carriers on the client's behalf. About-us and carrier-selection pages describe the general placement process, not a line-specific application form.company-reportedSource ↗Source ↗

What Are the Key Differences Between Cowbell and Founder Shield Crime Insurance?

Cowbell provides explicit employee and asset targets but no direct business application; Founder Shield names industry groups it prioritizes and says it selects carriers rated A- or better by AM Best. Ask both for the proposed limit and insurer. [3] [5] [6]

Named Zurich Paper Versus A-Rated Placement

Cowbell operates the platform for Zurich’s Select Plus crime module on Zurich admitted paper; Founder Shield instead shops insurers it says are rated A- or better by AM Best for the buyer’s industry. [3] [10] [4] [6]

Size Caps Versus Industry Priorities

Cowbell targets private companies with under 250 employees and under $50 million in assets; Founder Shield instead names healthcare, financial services, nonprofits and manufacturing or retail as priority sectors without publishing Cowbell-style size caps. [3] [5]

What Should You Confirm in Cowbell and Founder Shield Crime Insurance Quotes?

  • Name the appointed Zurich E&S wholesaler on a Cowbell quote. [3]
  • Ask Founder Shield which A-rated carrier is issuing the crime policy. [6]
  • Check whether you sit inside Cowbell’s employee and asset targets. [3]
  • Compare Cowbell’s general theft/fraud wording with Founder Shield’s four listed branches on the bound forms. [3] [5]

Cowbell fits private companies under 250 employees and $50 million in assets that can apply through an appointed wholesaler; Founder Shield names healthcare, finance, nonprofits and manufacturing or retail as priority industries.

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
    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

  4. 04
    About Us

    Founder Shield · “Founder Shield is the innovation arm of The Baldwin Group”; company history and mission · accessed 2026-09-23

  5. 05
    Crime Insurance

    Founder Shield · What Is Crime Insurance?; Who Needs Crime Insurance Coverage?; What Does Crime Insurance Cover? · accessed 2026-09-23

  6. 06
    How Do You Decide Which Carriers to Approach?

    Founder Shield · FAQ answer on carrier selection: works exclusively with A-rated (AM Best) carriers, matched by industry appetite · accessed 2026-09-23

  7. 07
    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

  8. 08
    Crime Non-Financial Applications and Forms

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

  9. 09
    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

  10. 10
    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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