What Are the Key Differences Between Cowbell and Lockton Crime Insurance?
If you are a financial institution, Lockton says you may need a financial institution bond instead of general crime insurance. Lockton also names a claims team for crime losses, while Cowbell’s reviewed pages do not describe line-specific claims support. [4] [3]
Distribution Platform Versus Crime and Fidelity Brokerage
Cowbell distributes Zurich’s Select Plus crime module; Zurich underwrites it on admitted paper and Cowbell operates the platform. Lockton places Crime and Fidelity to address theft, fraud, forgery and embezzlement by employees or third parties and describes that as a brokered program, not a Lockton-issued policy. [3] [8] [4]
Claims Advocacy and Product Split
Lockton says its Professional & Executive Risk Claims team, which keeps insurance and claims counsel inside the broking team rather than as a separate profit center, handles Crime and Fidelity claims. Cowbell’s reviewed pages describe Select Plus claims backing only at the whole-product level and do not describe crime-specific risk-control or claims advocacy. Lockton also notes that financial institutions are often required to carry a financial institution bond, distinct from general crime coverage; Cowbell’s module is not described that way. [4] [3] [8]
Appetite and Access
Cowbell targets private companies under 250 employees and under $50 million in assets and sells only through appointed Zurich E&S wholesalers via API. Lockton says crime coverage is relevant to nonprofit, private and public organizations of any sector, calls small businesses particularly exposed because they often lack fraud-prevention and auditing resources, and does not name the insurers it uses. Lockton lists employee theft, forgery or alteration, theft on or off premises, computer fraud, counterfeit currency and social-engineering impersonation. [3] [4]
What Should You Confirm in Cowbell and Lockton Crime Insurance Quotes?
- Confirm Cowbell access only through an appointed Zurich E&S wholesaler. [3]
- Ask Lockton whether you need a financial institution bond or a general crime and fidelity program. [4]
- Ask how Lockton’s Professional & Executive Risk Claims team would handle a crime claim versus Zurich’s Select Plus claims path. [4] [3]
- Check Cowbell’s employee and asset caps if you are quoting that module. [3]