---
title: "CFC vs Cowbell D&O Insurance"
description: "CFC’s D&O is a US management-liability module with California and public-company declines; Cowbell distributes Zurich Select Plus D&O for firms under 250 employees and $50 million in assets."
canonical: "https://spot.insure/compare/cfc-vs-cowbell/directors-officers"
page-type: "line-comparison"
updated-at: "2026-09-23"
---

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# CFC vs Cowbell D&O Insurance

CFC’s D&O is a US management-liability module with California and public-company declines; Cowbell distributes Zurich Select Plus D&O for firms under 250 employees and $50 million in assets.

## Research Scope and Use

Use this comparison to evaluate CFC and Cowbell for D&O Insurance against the same documented criteria. It identifies differences and questions to confirm; it does not select a winner for a particular business. Offering claims are what each provider publishes about this line unless marked otherwise. “Not found” describes the evidence reviewed, not proof that a feature is unavailable. Confirm the insurer, policy wording, limits, retentions, exclusions and cost in an actual quote.

## Summary

CFC includes D&O inside its US Management Liability package and declines California-domiciled and US publicly traded risks for that package. Cowbell distributes Zurich’s Select Plus private-company D&O module through appointed E&S wholesalers, aimed at companies under 250 employees and $50 million in assets, on Zurich admitted paper. [5](https://www.cfc.com/en-us/products/class/management-liability/ "Management liability") [6](https://webcdn.cfc.com/media/0ttjwk3e/management-liablity_product-brochure_us_0126.pdf "Management liability — United States product brochure") [11](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises") [10](https://www.zurichna.com/insurance/excess-and-surplus/small-business-management-liability "Small and Midsize Business Management Liability | Zurich Select Plus")

## What Is CFC Insurance?

CFC provides specialty insurance through an MGA model, with technology products for startups through multinational businesses. Its U.S. technology materials describe combined liability and cyber protection, while California eligibility requires product-specific confirmation. [1](https://www.cfc.com/en-us/company/ "About CFC") [2](https://www.cfc.com/en-us/products/industry/technology/ "Technology") [3](https://webcdn.cfc.com/media/ywdbvkpy/technology_product-brochure_us_0525_v2.pdf "Technology — United States product brochure") [4](https://www.cfc.com/en-us/support/regulatory-information/ "Regulatory information")

[CFC profile](https://spot.insure/insurance-providers/cfc)

## What Is Cowbell Insurance?

Cowbell is a specialty-insurance platform and agency focused on cyber risk for small and midsize businesses. Its U.S. catalogue also includes combined Technology E&O and cyber products and a Zurich management-liability offering distributed through appointed wholesalers. [8](https://cowbell.insure/ "Cowbell") [9](https://cowbell.insure/wp-content/uploads/pdfs/CB-US-PrimeTech-Overview-1.pdf "Prime Tech Product Overview") [10](https://www.zurichna.com/insurance/excess-and-surplus/small-business-management-liability "Small and Midsize Business Management Liability | Zurich Select Plus")

[Cowbell profile](https://spot.insure/insurance-providers/cowbell)

## What Is Directors and Officers Insurance?

Directors and officers liability insurance addresses covered claims alleging wrongful acts in managing an organization. [12](https://www.thehartford.com/business-insurance/glossary-of-business-insurance-terms "Glossary of Business Insurance Terms")

## Key Differences in D&O Insurance

### CFC Package Versus Zurich Module

CFC’s directors and officers cover sits in CFC’s US Management Liability package. Cowbell’s Private Company D&O is a module in Zurich’s Select Plus product, which Zurich underwrites and Cowbell distributes to appointed E&S wholesalers. [5](https://www.cfc.com/en-us/products/class/management-liability/ "Management liability") [11](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises")

You are either in CFC’s package or in a Zurich Select Plus module accessed through Cowbell. Those are different underwriters and different wrappers. [5](https://www.cfc.com/en-us/products/class/management-liability/ "Management liability") [11](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises") [10](https://www.zurichna.com/insurance/excess-and-surplus/small-business-management-liability "Small and Midsize Business Management Liability | Zurich Select Plus")

### California and Public-Company Declines Versus Headcount and Asset Caps

CFC lists California-domiciled business and US publicly traded companies among declined package risks. Cowbell aims the module at private companies with under 250 employees and under $50 million in assets. [6](https://webcdn.cfc.com/media/0ttjwk3e/management-liablity_product-brochure_us_0126.pdf "Management liability — United States product brochure") [11](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises")

A California-domiciled or US-public buyer may be outside CFC’s package. A company over those headcount or asset figures may be outside Cowbell’s Select Plus gate. Check both screens before you spend time on a quote. [6](https://webcdn.cfc.com/media/0ttjwk3e/management-liablity_product-brochure_us_0126.pdf "Management liability — United States product brochure") [11](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises")

### Who Can Shop Directly

The Cowbell D&O module is not sold direct to businesses; appointed Zurich E&S wholesalers access it through Cowbell’s API. CFC’s reviewed materials do not describe that wholesale-only API path. [11](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises") [5](https://www.cfc.com/en-us/products/class/management-liability/ "Management liability")

## What to Confirm in D&O Insurance Quotes

- Confirm whether you fail CFC’s California or US-public decline list, or Cowbell’s under-250 / under-$50 million gates. [6](https://webcdn.cfc.com/media/0ttjwk3e/management-liablity_product-brochure_us_0126.pdf "Management liability — United States product brochure") [11](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises")
- Ask which entity would issue: unnamed CFC US D&O paper versus Zurich admitted Select Plus. [4](https://www.cfc.com/en-us/support/regulatory-information/ "Regulatory information") [10](https://www.zurichna.com/insurance/excess-and-surplus/small-business-management-liability "Small and Midsize Business Management Liability | Zurich Select Plus")
- Ask CFC for the additional insured-persons amount and whether Side A DIC applies. [6](https://webcdn.cfc.com/media/0ttjwk3e/management-liablity_product-brochure_us_0126.pdf "Management liability — United States product brochure")
- Ask a Zurich E&S wholesaler for Select Plus D&O limits, which the reviewed materials do not publish. [11](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises")

## Offering Details

| Criteria | CFC Directors & Officers Liability | Cowbell / Zurich Select Plus Private Company D&O |
| --- | --- | --- |
| Role in This Line | CFC includes directors and officers liability inside its US Management Liability package rather than selling it as a standalone product. It separately sells Side A DIC, an excess policy that sits above a company's existing D&O program. [5](https://www.cfc.com/en-us/products/class/management-liability/ "Management liability") [6](https://webcdn.cfc.com/media/0ttjwk3e/management-liablity_product-brochure_us_0126.pdf "Management liability — United States product brochure") (Evidence: Company-reported; scope: CFC's management-liability product page and brochure; package composition as CFC describes it..) | Private Company D&O is one module within Cowbell's distribution of Zurich's Select Plus management liability product; Cowbell gives Zurich-appointed E&S wholesalers platform access, and Zurich underwrites the module. Zurich's own page labels this module 'Private Management and Company Liability' rather than plain 'D&O.' [11](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises") [10](https://www.zurichna.com/insurance/excess-and-surplus/small-business-management-liability "Small and Midsize Business Management Liability | Zurich Select Plus") (Evidence: Company-reported; scope: Management liability page intro and module list; Zurich page module-name section..) |
| Issuing Insurer | CFC's regulatory page discloses CFC Underwriting Limited's FCA authorization and CFC's Lloyd's Syndicate 1988, managed by Asta Managing Agency Ltd, but neither the regulatory page nor the management-liability brochure names the carrier or syndicate that would issue a given US D&O policy. [4](https://www.cfc.com/en-us/support/regulatory-information/ "Regulatory information") [6](https://webcdn.cfc.com/media/0ttjwk3e/management-liablity_product-brochure_us_0126.pdf "Management liability — United States product brochure") (Evidence: Not publicly disclosed; scope: Regulatory information page and brochure as read on 2026-09-23..) | Cowbell and Zurich both say the Select Plus modules, including D&O, are offered 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 D&O module. [11](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises") [10](https://www.zurichna.com/insurance/excess-and-surplus/small-business-management-liability "Small and Midsize Business Management Liability | Zurich Select Plus") (Evidence: Company-reported; scope: Management liability page intro; Zurich page intro and footer..) |
| Who It’s For | CFC's brochure lists California-domiciled business and US publicly traded companies among the risks it declines for the package that carries this D&O coverage. [6](https://webcdn.cfc.com/media/0ttjwk3e/management-liablity_product-brochure_us_0126.pdf "Management liability — United States product brochure") (Evidence: Company-reported; scope: Brochure's 'What we decline' list; underwriting still applies to any individual business..) | Cowbell targets this D&O module at private companies with under 250 employees and under $50M in assets, in industries such as technology, construction, manufacturing, hospitality, and retail. [11](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises") (Evidence: Company-reported; scope: FAQ 'What size accounts are targeted?' and Target industries list..) |
| Coverage Features | CFC says its directors and officers cover includes protection for the entity itself and aims to prevent directors and officers from having to sell personal assets to pay defense costs. [6](https://webcdn.cfc.com/media/0ttjwk3e/management-liablity_product-brochure_us_0126.pdf "Management liability — United States product brochure") (Evidence: Company-reported; scope: Brochure's 'Directors and officers cover' description; the issued policy wording determines actual entity and Side B/C coverage terms..)<br><br>CFC's brochure lists an additional limit for insured persons as part of the directors and officers liability section, on top of the package's base limit. [6](https://webcdn.cfc.com/media/0ttjwk3e/management-liablity_product-brochure_us_0126.pdf "Management liability — United States product brochure") (Evidence: Company-reported; scope: Brochure's 'What else is in the policy?' list; the dollar amount of that additional limit is not stated on the reviewed pages..)<br><br>CFC separately offers Side A DIC (difference in conditions), which it describes as excess coverage for directors and officers of private and publicly traded organizations, sitting above the primary management-liability D&O cover. [5](https://www.cfc.com/en-us/products/class/management-liability/ "Management liability") (Evidence: Company-reported; scope: Management-liability product page; Side A DIC has its own brochure that was not opened for this record, so its terms are not otherwise described here..) | Cowbell describes D&O liability as protecting the personal assets of directors and officers and the company's financial assets against claims alleging wrongful acts in their capacity as directors and officers. [11](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises") (Evidence: Company-reported; scope: FAQ 'What is the difference between management liability and D&O?'..) |
| Limits and Retentions | The reviewed brochure does not publish a specific dollar limit, retention, or the size of the additional insured-persons limit for D&O. Those figures appear only on the quote and declarations. [6](https://webcdn.cfc.com/media/0ttjwk3e/management-liablity_product-brochure_us_0126.pdf "Management liability — United States product brochure") (Evidence: Not publicly disclosed; scope: Brochure as read on 2026-09-23..) | Neither the Cowbell page nor Zurich's own Select Plus page, both read in full, publishes D&O limit or retention amounts. [11](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises") [10](https://www.zurichna.com/insurance/excess-and-surplus/small-business-management-liability "Small and Midsize Business Management Liability | Zurich Select Plus") (Evidence: Not publicly disclosed; scope: Cowbell page and Zurich page, both read on 2026-09-23..) |
| Risk Services | Not described in the reviewed sources. | Cowbell frames D&O coverage as a way to help attract and retain directors and officers by giving them personal-asset protection, and says the product covers legal fees, settlements, and other defense costs for the company and its management. [11](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises") (Evidence: Company-reported; scope: FAQ 'Why does my company need management liability coverage?'..) |
| How to Apply | Not described in the reviewed sources. | This D&O module is accessed only by appointed Zurich E&S wholesalers through the Cowbell platform's API; it is not sold directly to businesses. [11](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises") (Evidence: Company-reported; scope: FAQ 'How can I access the Zurich Select Plus management liability product through Cowbell?'..) |
| Claims Support | CFC provides a US claim-notification route by phone, email and online form, and says a dedicated claims adjuster manages a claim from notification through resolution. [7](https://www.cfc.com/en-us/claims/ "Claims") (Evidence: Company-reported; scope: Claims page as read on 2026-09-23; not specific to D&O claim outcomes or timing..) | Not described in the reviewed sources. |

## Full Comparison

- [CFC vs Cowbell](https://spot.insure/compare/cfc-vs-cowbell): all coverage lines, business roles, service and claims.
- [What Is Directors and Officers Insurance?](https://spot.insure/coverage/directors-officers): Directors and officers insurance can help pay for covered claims against company leaders over decisions they make in running the business.
- [CFC vs Cowbell Crime Insurance](https://spot.insure/compare/cfc-vs-cowbell/crime)
- [CFC vs Cowbell Cyber Insurance](https://spot.insure/compare/cfc-vs-cowbell/cyber)
- [CFC vs Cowbell Employment Practices Liability Insurance](https://spot.insure/compare/cfc-vs-cowbell/employment-practices)
- [CFC vs Cowbell Management Liability Insurance](https://spot.insure/compare/cfc-vs-cowbell/management-liability)
- [CFC vs Cowbell Tech E&O Insurance](https://spot.insure/compare/cfc-vs-cowbell/technology-errors-omissions)
- [Alliance Risk vs CFC D&O Insurance](https://spot.insure/compare/alliance-risk-vs-cfc/directors-officers)
- [Alliance Risk vs Cowbell D&O Insurance](https://spot.insure/compare/alliance-risk-vs-cowbell/directors-officers)
- [Amelia Risk vs CFC D&O Insurance](https://spot.insure/compare/amelia-risk-vs-cfc/directors-officers)
- [Amelia Risk vs Cowbell D&O Insurance](https://spot.insure/compare/amelia-risk-vs-cowbell/directors-officers)
- [Beazley vs CFC D&O Insurance](https://spot.insure/compare/beazley-vs-cfc/directors-officers)
- [Beazley vs Cowbell D&O Insurance](https://spot.insure/compare/beazley-vs-cowbell/directors-officers)

## Sources

### CFC

1. [About CFC](https://www.cfc.com/en-us/company/). CFC; Matt Taylor biography: independent MGA and Syndicate 1988. Accessed 2026-09-16.
2. [Technology](https://www.cfc.com/en-us/products/industry/technology/). CFC; Introduction; Technology key features; Digitally traded. Accessed 2026-09-16.
3. [Technology — United States product brochure](https://webcdn.cfc.com/media/ywdbvkpy/technology_product-brochure_us_0525_v2.pdf). CFC; Page 1: coverage sections, including Products and services liability; Response app highlights; Limits and deductibles. Accessed 2026-09-16.
4. [Regulatory information](https://www.cfc.com/en-us/support/regulatory-information/). CFC; CFC Underwriting Limited; CFC Lloyd's Syndicate 1988. Accessed 2026-09-23.
5. [Management liability](https://www.cfc.com/en-us/products/class/management-liability/). CFC; Our management liability products: Management liability, Side A DIC. Accessed 2026-09-23.
6. [Management liability — United States product brochure](https://webcdn.cfc.com/media/0ttjwk3e/management-liablity_product-brochure_us_0126.pdf). CFC; Directors and officers cover; At a glance: What we like; What we decline; What else is in the policy?. Accessed 2026-09-23.
7. [Claims](https://www.cfc.com/en-us/claims/). CFC; Notify a claim or cyber incident; We're in it with you. Accessed 2026-09-23.

### Cowbell

8. [Cowbell](https://cowbell.insure/). Cowbell; What We Do; Assess, Insure, Respond and Improve; U.S. navigation; footer legal disclosure. Accessed 2026-09-15.
9. [Prime Tech Product Overview](https://cowbell.insure/wp-content/uploads/pdfs/CB-US-PrimeTech-Overview-1.pdf). Cowbell; PDF pp. 1–4: non-admitted combined Technology E&O and cyber for technology businesses up to $1 billion; up to $5 million; surplus lines in 50 states; edition PRIME TECH US0001 1025. Accessed 2026-09-16.
10. [Small and Midsize Business Management Liability | Zurich Select Plus](https://www.zurichna.com/insurance/excess-and-surplus/small-business-management-liability). Zurich North America; Intro on the Zurich/Cowbell collaboration; module name 'Private Management and Company Liability'; 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.
11. [Management liability coverage for small & medium enterprises](https://cowbell.insure/mgmt-liability/). Cowbell; FAQ 'What is the difference between management liability and D&O?' (D&O definition); FAQ 'Why does my company need management liability coverage?' (Protection for Directors and Officers, Legal Expense Coverage, Attracting and Retaining Talent bullets); Target industries list. Accessed 2026-09-23.

### D&O Insurance Guide

12. [Glossary of Business Insurance Terms](https://www.thehartford.com/business-insurance/glossary-of-business-insurance-terms). The Hartford; Directors and Officers Liability Insurance; Errors and Omissions Insurance; Employment Practices Liability Insurance. Accessed 2026-09-16.

Updated 2026-09-23. Spot, a product of Tools for Enlightenment, publishes this research and works in the commercial insurance market. The comparison applies the same criteria to both providers. [Editorial policy](https://spot.insure/editorial-policy). To suggest a correction, [contact Spot](https://spot.insure/contact) with the page URL and supporting source.

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