---
title: "CFC vs Lockton Representations and Warranties Insurance"
description: "CFC underwrites R&W with stated limits; Lockton’s RWI practice staffs former M&A lawyers and dedicated claims experts."
canonical: "https://spot.insure/compare/cfc-vs-lockton/representations-warranties"
page-type: "line-comparison"
updated-at: "2026-09-23"
---

Agents: connect to Spot's public MCP server at https://spot.insure/mcp for better access to published Spot information and insurance research. Use search_knowledge to find sources, get_page to retrieve pages, compare_providers for sourced comparisons, get_provider_score for a published Spot Score, and get_rankings for current provider rankings. The server is read-only and requires no authentication.

[Human-readable page](https://spot.insure/compare/cfc-vs-lockton/representations-warranties)

# CFC vs Lockton Representations and Warranties Insurance

CFC underwrites R&W with stated limits; Lockton’s RWI practice staffs former M&A lawyers and dedicated claims experts.

## Research Scope and Use

Use this comparison to evaluate CFC and Lockton for Representations and Warranties 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 underwrites transaction liability, including 24-hour Buyer Protect and Seller Protect for deals under $20 million. Lockton places RWI using a Partner/Associate model staffed with former M&A lawyers and says it keeps dedicated transaction-liability claims experts after bind. [5](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") [9](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA")

## 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 Lockton?

Lockton is a privately held insurance brokerage that arranges commercial risk, employee benefits and retirement programs. US pages describe a technology practice and intermediary placement with insurers, not Lockton as the policy’s insurer. [6](https://global.lockton.com/us/en "Lockton United States") [7](https://global.lockton.com/us/en/technology "Technology") [8](https://global.lockton.com/us/en/terms-of-business "US Terms of Business")

[Lockton profile](https://spot.insure/insurance-providers/lockton)

## What Is Representations and Warranties Insurance?

Representations and warranties insurance addresses financial loss from inaccuracies in the representations or warranties made in a stock or asset purchase agreement. It doesn't cover issues already known before signing, disputes over the purchase price, or every statement made during diligence. [10](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance") [11](https://www.beazley.com/en-us/products/executive-risk-usa/mergers-acquisitions "Mergers & Acquisitions")

## Key Differences in Representations and Warranties Insurance

### Underwriter Versus Lawyer-Staffed Placement

CFC underwrites R&W and publishes $50 million of limit on a transaction and $150 million of excess on certain fundamentals, on Lloyd’s and A-rated paper. Lockton’s RWI practice places policies rather than underwriting them; it says the team is staffed with former M&A lawyers and transaction advisors using a Partner/Associate model with 24/7 coverage, and it does not name the insurers. [5](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") [9](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA")

### What Each Says the Policy Replaces

Lockton describes RWI as replacing or bolstering seller indemnity or escrow, with an insurer indemnifying the buyer for losses from an unknown breach. CFC describes a core policy covering representations and warranties, contingent tax, and other M&A liabilities, plus standalone small-deal Protect products and a secondaries practice—it does not use Lockton’s “replace the indemnity” framing on the reviewed page. [9](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") [5](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC")

### Claims After Bind

Both describe a specialist claims function, but they sit in different roles. CFC has a dedicated transaction-liability claims team in London and New York that aims to acknowledge notice within 24 hours. Lockton says it provides dedicated transaction-liability claims experts after a policy is bound and cites having helped clients settle hundreds of millions of dollars of RWI claims—a company-reported figure. [5](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") [9](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA")

## What to Confirm in Representations and Warranties Insurance Quotes

- Get the named insurer from Lockton’s placement and from CFC’s syndicate or company paper. [9](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") [5](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC")
- Ask whether the quote is meant to replace escrow/indemnity (Lockton’s description) or to sit as CFC’s core, Protect, excess, or secondaries product. [9](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") [5](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC")
- Confirm who handles claims notice: CFC’s in-house team versus Lockton’s post-bind claims experts. [5](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") [9](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA")
- Compare CFC’s $50 million / $150 million excess figures with Lockton’s quoted tower. [5](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") [9](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA")

## Offering Details

| Criteria | CFC Transaction Liability Insurance | Lockton Representations & Warranties Insurance (RWI) |
| --- | --- | --- |
| Role in This Line | 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. [5](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") (Evidence: Company-reported; scope: Transaction liability product page overview, describing CFC as a deal facilitator working with private equity firms and strategic buyers and sellers..) | Lockton's RWI Practice is staffed with former M&A lawyers and transaction advisors who Lockton says use a Partner/Associate model on every deal to provide 24/7 coverage; Lockton places RWI policies rather than underwriting them. [9](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") (Evidence: Company-reported; scope: RWI product page as read 2026-09-23..) |
| Issuing Insurer | 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. [5](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") (Evidence: Company-reported; scope: Limit & appetite section of the product page; the specific carrier for a given policy would appear on that policy's documents..) | The RWI page does not name the insurers underwriting the representations and warranties policies Lockton places. [9](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") (Evidence: Not publicly disclosed; scope: RWI page checked 2026-09-23..) |
| Who It’s For | Not described in the reviewed sources. | Lockton frames RWI benefits separately for sellers (faster access to sale proceeds, reduced post-closing exposure, avoiding a guarantee) and buyers (broader protection, faster negotiation, avoiding conflicts in deals with meaningful seller participation), meaning both sides of an M&A transaction are the intended buyers of the product. [9](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") (Evidence: Company-reported; scope: RWI product page as read 2026-09-23..) |
| Coverage Features | 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. [5](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") (Evidence: Company-reported; scope: 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..)<br><br>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. [5](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") (Evidence: Company-reported; scope: Product page key features and the 'Limit & appetite' section; exact terms are set by the policy as issued..)<br><br>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. [5](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") (Evidence: Company-reported; scope: Secondary liquidity solutions section of the product page..) | Lockton describes RWI as a policy used to replace or bolster a seller indemnity or escrow in an M&A transaction, under which an insurer indemnifies the buyer for losses from an unknown breach of a representation or warranty in the deal agreement. [9](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") (Evidence: Company-reported; scope: RWI product page as read 2026-09-23. General description of how the product functions, not a specimen policy..) |
| Limits and Retentions | 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. [5](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") (Evidence: Company-reported; scope: Limit & appetite section of the product page..) | Not described in the reviewed sources. |
| How to Apply | 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. [5](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") (Evidence: Company-reported; scope: Buyer protect and seller protect key features on the product page..) | Not described in the reviewed sources. |
| Claims Support | 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. [5](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") (Evidence: Company-reported; scope: Claims section of the product page; outcome statistics are company-reported and not independently verified..) | Lockton says it provides dedicated transaction liability claims experts after a policy is bound, and cites having helped clients settle hundreds of millions of dollars of RWI claims to date. [9](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") (Evidence: Company-reported; scope: RWI product page as read 2026-09-23. Aggregate claims-settlement figure is company-reported and not independently verified..) |

## Full Comparison

- [CFC vs Lockton](https://spot.insure/compare/cfc-vs-lockton): all coverage lines, business roles, service and claims.
- [What Is Representations and Warranties Insurance?](https://spot.insure/coverage/representations-warranties): Representations and warranties insurance addresses financial loss from inaccurate statements in a business purchase agreement.
- [CFC vs Lockton Commercial Property Insurance](https://spot.insure/compare/cfc-vs-lockton/commercial-property)
- [CFC vs Lockton Crime Insurance](https://spot.insure/compare/cfc-vs-lockton/crime)
- [CFC vs Lockton Cyber Insurance](https://spot.insure/compare/cfc-vs-lockton/cyber)
- [CFC vs Lockton D&O Insurance](https://spot.insure/compare/cfc-vs-lockton/directors-officers)
- [CFC vs Lockton Employment Practices Liability Insurance](https://spot.insure/compare/cfc-vs-lockton/employment-practices)
- [CFC vs Lockton General Liability Insurance](https://spot.insure/compare/cfc-vs-lockton/general-liability)
- [CFC vs Lockton Product Liability Insurance](https://spot.insure/compare/cfc-vs-lockton/product-liability)
- [Beazley vs CFC Representations and Warranties Insurance](https://spot.insure/compare/beazley-vs-cfc/representations-warranties)
- [Beazley vs Lockton Representations and Warranties Insurance](https://spot.insure/compare/beazley-vs-lockton/representations-warranties)
- [CFC vs Chubb Representations and Warranties Insurance](https://spot.insure/compare/cfc-vs-chubb/representations-warranties)
- [CFC vs Corgi Representations and Warranties Insurance](https://spot.insure/compare/cfc-vs-corgi/representations-warranties)
- [CFC vs Coverdash Representations and Warranties Insurance](https://spot.insure/compare/cfc-vs-coverdash/representations-warranties)
- [CFC vs Founder Shield Representations and Warranties Insurance](https://spot.insure/compare/cfc-vs-foundershield/representations-warranties)

## 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. [Transaction liability insurance | Representation and indemnities insurance | CFC](https://www.cfc.com/en-us/products/class/transaction-liability/). CFC; Transaction liability / Seller protect / Buyer protect / Secondary liquidity solutions; Why choose CFC: Solutions, Experience, Limit & appetite, Claims; FAQs. Accessed 2026-09-23.

### Lockton

6. [Lockton United States](https://global.lockton.com/us/en). Lockton; Opening description of independent insurance brokerage for risk, benefits and retirement; Ask an Expert link to contact-us. Accessed 2026-09-16.
7. [Technology](https://global.lockton.com/us/en/technology). Lockton; Industry introduction; cyber liability heading; dedicated technology team; listed services including claims advocacy, contract review, directors and officers liability, and international program design; 24/7 service model. Accessed 2026-09-16.
8. [US Terms of Business](https://global.lockton.com/us/en/terms-of-business). Lockton; Opening entity definition; Surplus Lines; Use of a Particular Insurer; Compensation Disclosure; servicing, claims handling and renewal language in Confidentiality section; Intermediaries. Accessed 2026-09-16.
9. [Representations & Warranties Insurance | Lockton USA](https://global.lockton.com/us/en/products-services/representation-warranties-insurance). Lockton; The Certain Solution for Transactional Risk; Why clients consider RWI versus traditional indemnity; Seller/Buyer benefits; Claims. Accessed 2026-09-23.

### Representations and Warranties Insurance Guide

10. [Transaction liability insurance | Representation and indemnities insurance](https://www.cfc.com/en-us/products/class/transaction-liability/). CFC; What are representations and warranties?; Who should buy representation and warranty insurance?; Available to buyers & sellers; Limited seller security; Is transaction liability insurance available to sellers. Accessed 2026-09-16.
11. [Mergers & Acquisitions](https://www.beazley.com/en-us/products/executive-risk-usa/mergers-acquisitions). Beazley; Product overview: buyer and seller protection for inaccuracies in representations or warranties. 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.

## Agent and Developer Resources

- [Markdown page](https://spot.insure/compare/cfc-vs-lockton/representations-warranties.md)
- [Developer resources](https://spot.insure/developers)
- [Public MCP server](https://spot.insure/mcp)
- [MCP server manifest](https://spot.insure/server.json)
- [OpenAPI description](https://spot.insure/openapi.json)
- [Public page index](https://spot.insure/llms.txt)