What Are the Key Differences Between Gallagher and Lockton Crime Insurance?
Lockton names a dedicated crime claims team, while Gallagher describes its account-size-specific brokerage and limit-setting method. Financial institutions should ask Lockton whether they need a financial institution bond instead of general crime coverage. [5] [3]
Two Brokered Fidelity and Crime Practices
Gallagher Small Business arranges Fidelity and Crime with outside carriers for small-business clients, and its Executive and Financial Risk practice places the same coverage for larger accounts; Gallagher does not underwrite. Lockton places Crime and Fidelity as a brokered program against theft, fraud, forgery and embezzlement by employees or third parties, not as a Lockton-issued policy. [4] [3] [5]
Listed Claim Types
Gallagher describes coverage for fraudulent or dishonest acts including credit-card forgery, computer fraud, funds-transfer fraud, employee fraud, theft and destruction of property. 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. [4] [5]
What Should You Confirm in Gallagher and Lockton Crime Insurance Quotes?
- Ask Gallagher whether the quote is small-business or executive-risk, and whether peer-analysis limits apply. [4] [3]
- Ask Lockton whether you need a financial institution bond or general crime and fidelity. [5]
- Ask how Lockton’s Professional & Executive Risk Claims team would handle a crime loss. [5]
- Compare social-engineering impersonation on Lockton with Gallagher’s funds-transfer fraud wording on the bound forms. [5] [4]