Cowbell vs Travelers: Commercial Crime Insurance

Travelers underwrites fidelity and crime cover bought through an independent agent, with a social engineering fraud endorsement; Cowbell's Zurich-underwritten crime module is for private companies under 250 employees and $50 million 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

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

Travelers explicitly includes public and nonprofit organizations and offers a social-engineering endorsement; Cowbell targets private companies below its size limits. Compare Travelers’ agreements with the Select Plus crime module for the specific fraud losses you face. [6] [3]

Two Carriers, Two Distribution Paths

Cowbell distributes Zurich’s Select Plus crime module; Zurich underwrites it on admitted paper and only appointed Zurich E&S wholesalers can buy it through Cowbell’s API. Travelers underwrites fidelity and crime itself through multiple insuring agreements under Management & Professional Liability, and the coverage is bought through a Travelers independent agent. [3] [8] [6]

Named Paper

Cowbell and Zurich say Select Plus modules sit on Zurich admitted paper; the Zurich footer names Zurich American Insurance Company in copyright text without stating that entity issues this module. Travelers’ product-page video disclosure names Travelers Casualty and Surety Company of America and its property casualty affiliates, while noting the specific issuing entity can vary. [8] [6]

Appetite, Perils and Extra Tools

Cowbell targets private companies under 250 employees and under $50 million in assets and defines crime as theft, fraud and embezzlement by employees or third parties. Travelers markets fidelity and crime to nonprofits, private companies and public companies and lists forgery or alteration, loss of money and securities, claim-expense reimbursement, employee dishonesty, funds-transfer fraud, computer fraud and social-engineering fraud. Travelers also offers a social-engineering fraud endorsement and Coverage 101 resources. Cowbell’s reviewed pages do not describe crime-specific risk-control services or publish limits. [3] [6]

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

  • Confirm whether you must use a Zurich E&S wholesaler (Cowbell) or a Travelers independent agent. [3] [6]
  • Ask which Zurich entity versus which Travelers company issues the policy. [8] [6]
  • Ask Travelers whether the social-engineering fraud endorsement is on the quote. [6]
  • Check Cowbell’s private-company size caps if you are a public company or larger private firm. [3]

Cowbell fits smaller private firms within its employee and asset targets that can use an appointed wholesaler; Travelers serves private, public and nonprofit buyers and lists multiple crime agreements plus optional social-engineering cover.

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
    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

  5. 05
    Crime Non-Financial Applications and Forms

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

  6. 06
    Fidelity & Crime Insurance

    Travelers · What is fidelity and crime coverage?; Who is fidelity and crime coverage right for?; Types of fidelity and crime claims; video legal footer naming Travelers Casualty and Surety Company of America · accessed 2026-09-23

  7. 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

  8. 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 ↗

Travelers

  • role: Travelers underwrites fidelity and crime coverage through multiple insuring agreements sold under the Management & Professional Liability line, rather than as a single fixed policy. Product page "What is fidelity and crime coverage?" section.company-reportedSource ↗
  • insurer: The product page's video disclosure names Travelers Casualty and Surety Company of America and its property casualty affiliates; the specific issuing entity for a given policy can vary. Product page video legal footer.company-reportedSource ↗
  • coverage: Travelers says the coverage addresses loss from forgery or alteration, loss of money and securities, and reimbursement for claim expenses, protecting against threats such as employee dishonesty and theft, funds transfer fraud, computer fraud, employee fraud and social engineering fraud. Product page "What is fidelity and crime coverage?" and "Types of fidelity and crime claims" sections; exact terms and exclusions are set by the issued policy.company-reportedSource ↗
  • eligibility: Travelers markets fidelity and crime coverage to nonprofit organizations, private companies and public companies. Product page "Who is fidelity and crime coverage right for?" section.company-reportedSource ↗
  • limits: The reviewed page does not publish limits, deductibles or premiums for fidelity and crime coverage; it cites a median fraud loss of $130,000 and says at least one in five cases costs $1 million or more as general risk context, not as policy terms. Product page video statistics and general text as read on 2026-09-23.not-foundSource ↗
  • services: Travelers offers a social engineering fraud endorsement and publishes guidance such as "Coverage 101" and social-engineering protection resources alongside the product. Product page Resources section.company-reportedSource ↗
  • application: Fidelity and crime coverage is bought through a Travelers independent agent. Product page "Find an insurance agent" call to action.company-reportedSource ↗

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