What Are the Key Differences Between Gallagher and Heffernan Insurance Brokers Fidelity Bonds?
Plan-Limit Advice Versus Named Specialty Bonds
Gallagher’s Executive and Financial Risk practice places fidelity alongside employee-dishonesty (crime) cover and sizes limits using ERISA requirements, peer analysis and an exposure index. Heffernan lists an Employee Dishonesty Bond for home-care, home-health and hospice agencies, and a Fidelity/financial institution bond for family offices, trustees, advisers, private-equity firms and foundations. Choose Gallagher if you need help setting an ERISA plan limit; choose Heffernan if you need one of its home-care or family-office bonds. [1] [4] [3]
How Each Firm Describes the Work Around the Bond
Gallagher says its method includes peer analysis using third-party databases and an exposure index developed by the Surety Association of America with the American Institute of Accountants, and that it reviews wording so the carrier allows appropriate treatment of older incidents and does not use claims triggers that are too difficult to prove. Heffernan’s two practice pages name the products and stop; they do not describe insuring agreements, exclusions or claim triggers, and they do not publish a penalty or deductible. Gallagher sells an advisory process; Heffernan sells two named catalogue items. [1] [4] [3]
Insurer, Limits and Claims Path on the Public Pages
Neither Gallagher’s executive-risk page nor Heffernan’s practice pages name the issuing insurer or publish a dollar limit for the bond. Gallagher’s limit work is a method, not a published number. Heffernan’s claims-advocacy page lists workers’ compensation, general liability, auto and property support and does not describe fidelity-bond claims handling. Ask Gallagher how the method produced your penalty; ask Heffernan who would take a fidelity claim. [1] [4] [3] [2]
What Should You Confirm in Gallagher and Heffernan Insurance Brokers Fidelity Bonds Quotes?
- Ask Gallagher whether the quote is an ERISA fidelity bond, a crime policy, or both, and for the peer-analysis limit. [1]
- Ask Heffernan which of the two listed products applies and which carrier would write it. [4] [3]
- Compare covered persons and deductibles; both public pages leave those off. [1] [4]
- Ask Heffernan who would handle a fidelity claim, given the advocacy page does not list that line. [2]