CFC vs Coverdash Representations and Warranties Insurance

CFC's Transaction Liability practice underwrites representations and warranties (R&W) insurance for M&A deals, available to both buyer-side and seller-side purchasers, alongside standalone small-deal products and secondary liquidity solutions. ⁵Company-reported. Transaction liability product page overview, describing CFC as a deal facilitator working with private equity firms and strategic buyers and sellers.

Coverdash arranges representations and warranties insurance quotes from its panel of insurers rather than underwriting the policy itself, as one of three products (alongside tax liability and contingent liability) on its transactional risk page. ⁹Company-reported. Coverdash's transactional risk product page, scoped to the reps and warranties card specifically, read together with the provider record's brokerage role. Does not identify which insurer would actually issue a given quote.

CFC says it underwrites transaction liability business on behalf of Lloyd's of London syndicates and insurance companies rated 'A' or better by AM Best, without naming a specific carrier for any individual deal. ⁵Company-reported. Limit & appetite section of the product page; the specific carrier for a given policy would appear on that policy's documents.

The transactional risk page does not name an issuing insurer for representations and warranties coverage. Coverdash markets a panel of carriers generally, but not which one underwrites a particular reps and warranties quote. ⁹Not publicly disclosed. Checked the transactional risk product page on 2026-09-23; no insurer is disclosed there for this product.

Not described in the reviewed sources.

Coverdash markets representations and warranties coverage to buyers, sellers and investors in mergers, acquisitions and private equity deals, describing it as a way to allocate deal risk and help close with confidence. ⁹Company-reported. Hero description and Who it's for section, read for the reps and warranties product specifically rather than the whole transactional risk category.

Beyond its main R&W policy, CFC sells two standalone small-deal products: Buyer Protect, described as covering a buyer for up to 100% of enterprise value, and Seller Protect, described as protecting sellers of small businesses during an M&A transaction. Both are limited to deals under $20 million. ⁵Company-reported. Product page descriptions and the 'Solutions' section, which caps buyer protect/seller protect at deals under $20m. The page's key-features bullets for these two products use near-identical wording about the buyer bringing a claim, so the exact difference in claims mechanics between the two products was not independently confirmable from this page alone.

The core transaction liability policy covers representations and warranties, contingent tax, and other M&A liabilities, and CFC also offers excess coverage layered on top for certain fundamental representations. ⁵Company-reported. Product page key features and the 'Limit & appetite' section; exact terms are set by the policy as issued.

CFC separately offers secondary liquidity solutions for private market investors acquiring, divesting, or restructuring interests in private equity, private credit, or other fund assets, through what it calls a dedicated secondaries underwriting practice. ⁵Company-reported. Secondary liquidity solutions section of the product page.

Coverdash describes representations and warranties insurance as covering losses from a breach of the representations and warranties made in a deal, specifically breaches of the seller's representations and warranties. ⁹Company-reported. Reps and warranties Types of Coverage card and the FAQ answer to 'What's covered?'; exclusions, retentions and claims conditions are not described and would appear on the issued policy.

Coverdash says either the buyer or the seller in an M&A transaction can buy representations and warranties coverage, and that buy-side policies are the more common choice because they let the buyer recover directly from the insurer. ⁹Company-reported. FAQ answer to 'Who buys reps and warranties coverage?'.

Coverdash says using representations and warranties insurance can reduce or replace escrow and indemnity holdbacks in a deal, and that it helps protect the buyer-seller relationship and close deals faster. ⁹Company-reported. FAQ answer to 'Why use transactional risk insurance?'; applies to the reps and warranties product specifically.

CFC says it can underwrite up to $50 million of limit on a single transaction, or up to $150 million of excess coverage for certain fundamental representations. ⁵Company-reported. Limit & appetite section of the product page.

The transactional risk page does not publish limit, retention or premium amounts for representations and warranties coverage. ⁹Not publicly disclosed. Checked the transactional risk product page on 2026-09-23; limits and retentions are not shown there and would appear on a quote.

For the Buyer Protect and Seller Protect products, CFC says coverage can be placed within 24 hours of receiving the application form, and can be arranged after closing. ⁵Company-reported. Buyer protect and seller protect key features on the product page.

Not described in the reviewed sources.

CFC has a dedicated transaction liability claims team in its London and New York offices, says it has handled nearly 300 claims to date, and aims to send an acknowledgement within 24 hours of a claim notification. ⁵Company-reported. Claims section of the product page; outcome statistics are company-reported and not independently verified.

Not described in the reviewed sources.