What Are the Key Differences Between Embroker and Lockton Crime Insurance?
Financial institutions should ask Lockton whether they need a financial institution bond, which it distinguishes from general crime coverage. Embroker instead highlights policy exclusions, including income loss and executive-employee collusion. [4] [3]
Standalone Policy Versus Brokered Program
Embroker sells commercial crime as a standalone policy and says smaller businesses sometimes add crime coverage as an endorsement to a BOP or a directors and officers policy instead. Lockton places Crime and Fidelity as a brokered program against theft, fraud, forgery and embezzlement by employees or third parties; it does not underwrite the policy. [3] [4]
Listed Perils
Embroker lists employee theft (including shoplifting, embezzlement and larceny), third-party theft, forgery, digital fraud, money laundering, counterfeit currency and social-engineering fraud. Lockton lists employee theft, forgery or alteration of negotiable instruments, theft on or off premises, computer fraud, counterfeit currency, and social-engineering impersonation involving customers, vendors or employees. [3] [4]
Named Exclusions Versus Claim-Type List
Embroker says the policy excludes loss of income, indirect losses, crimes committed by executives or partners in coordination with employees, third-party liabilities from crime losses, and cybercrime losses involving stolen patents, trade secrets or customer lists. Lockton presents its items as claim types a crime and fidelity program is meant to address. [3] [4]
What Should You Confirm in Embroker and Lockton Crime Insurance Quotes?
- Ask Lockton whether you need a financial institution bond or a general crime and fidelity program. [4]
- Ask Embroker if the quote is standalone crime, an endorsement, or a fidelity bond. [3]
- Ask how Lockton’s Professional & Executive Risk Claims team would handle a crime claim on the placed policy. [4]
- Match Embroker’s exclusion list to Lockton’s placed form. [3] [4]