Cowbell vs Relm: Commercial Crime Insurance

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

If your company holds digital assets or runs smart contracts, Relm discusses flash-loan attacks and oracle manipulation while Cowbell’s reviewed pages describe employee and third-party theft, fraud and embezzlement. Compare the exact agreements offered for your assets. [4] [3]

Traditional SME Module Versus Three Crime Products

Cowbell’s crime coverage is one Select Plus module Zurich underwrites for smaller private companies. Relm lists Commercial Crime as one of three crime products on its line-of-business page, alongside Digital Asset Crime and Smart Contract Crime. [3] [8] [4]

Digital-Asset Risks

Relm says commercial crime addresses embezzlement, forgery and funds-transfer fraud alongside crime risks tied to digital infrastructure, and that underwriting considers flash-loan attacks that drain DeFi liquidity and oracle manipulation of smart contracts. Cowbell describes the module as protecting against theft, fraud and embezzlement by employees or third parties, without discussing digital-asset attack methods on the reviewed pages. [4] [3]

Channel and Appetite

Cowbell sells only through appointed Zurich E&S wholesalers via API and targets under 250 employees and under $50 million in assets, on Zurich admitted paper. Relm sells crime through insurance brokers rather than a direct online quote, says coverage is relevant for any business that holds fiat or digital assets, and does not name a specific issuing insurer on the reviewed page. [3] [8] [4]

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

Ask Relm whether the quote is Commercial Crime, Digital Asset Crime, Smart Contract Crime, or a combination. [4]
Confirm Cowbell access through an appointed Zurich E&S wholesaler and your size versus its caps. [3]
Ask which entity issues Relm commercial crime versus which Zurich entity issues Select Plus. [4] [8]
If you hold digital assets, ask whether those losses sit on Relm’s commercial crime form or a separate digital-assets product. [4]

Cowbell fits smaller private companies within its employee and asset caps; Relm is more relevant when crime could involve fiat or digital assets, including flash-loan or smart-contract attacks.

Sources consulted

01
Commercial Insurance Guide
California Department of Insurance · Crime · accessed 2026-09-16
02
Social Engineering Fraud Insurance
Chubb · Opening; coverage highlights · accessed 2026-09-16
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
04
Crime Insurance
Relm Insurance · What is Commercial Crime Coverage?; What Crime Risks Do Innovative Companies Face?; Who Needs Crime Coverage? · accessed 2026-09-23
05
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
06
Crime Non-Financial Applications and Forms
Travelers · Opening paragraph; Sample Policy Forms · accessed 2026-09-16
07
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
08
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

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 ↗

Relm Insurance

role: Relm lists Commercial Crime as one of three crime products (alongside Digital Asset Crime and Smart Contract Crime, covered in Relm's separate digital-assets offering record) on its crime insurance line-of-business page. Relm line-of-business page (Relm sells through brokers); not a statement identifying the issuing insurer for a given placement.company-reportedSource ↗
eligibility: Relm says crime coverage is relevant for any business that holds assets, whether fiat or digital, arguing that even strong security controls leave a gap the insurance can close. Crime page 'Who Needs Crime Coverage?' section; not a guarantee of eligibility for a particular company.company-reportedSource ↗
coverage: Relm's commercial crime coverage addresses traditional theft such as embezzlement, forgery and funds transfer fraud, alongside crime risks tied to digital infrastructure and alternative asset models. Crime page 'What is Commercial Crime Coverage?' section; the issued policy and declarations control.company-reportedSource ↗
coverage: Relm says its crime underwriting considers emerging attack methods such as flash-loan attacks that drain DeFi protocol liquidity and oracle manipulation that tricks smart contracts into faulty decisions, in addition to legacy fraud vulnerabilities. Crime page 'What Crime Risks Do Innovative Companies Face?' section; describes underwriting focus, not specific policy wording.company-reportedSource ↗
insurer: The reviewed page does not name a specific issuing insurer for commercial crime placements. Line-of-business page as read on 2026-09-23; a specific placement's insurer is product- and jurisdiction-specific.not-disclosedSource ↗
application: Relm sells crime insurance coverage through insurance brokers; its reviewed pages do not describe a direct online quote. Crime page framing; consistent with Relm's broader broker-distribution model.company-reportedSource ↗