--- title: "CFC vs USI Insurance Services Representations and Warranties Insurance" description: "CFC underwrites R&W with $50 million stated capacity; USI brokers it inside private-equity diligence from letter of intent to exit." canonical: "https://spot.insure/compare/cfc-vs-usi/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-usi/representations-warranties) # CFC vs USI Insurance Services Representations and Warranties Insurance CFC underwrites R&W with $50 million stated capacity; USI brokers it inside private-equity diligence from letter of intent to exit. ## Research Scope and Use Use this comparison to evaluate CFC and USI Insurance Services 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 small-deal Protect products. USI brokers R&W through its Private Equity practice, which reviews the offering memorandum and purchase agreement and keeps a local team on the target’s insurance after close. [5](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") [9](https://www.usi.com/property-casualty/private-equity "Private Equity") ## 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 USI Insurance Services? USI Insurance Services is a U.S. insurance brokerage and consulting firm that arranges property and casualty, employee benefits, personal risk, and retirement programs. Its Technology practice says it works with software, hardware, and related companies from early seed stage through IPO, using a consultative process rather than a published self-serve quote. [6](https://www.usi.com/about-usi "The Power of ONE") [7](https://www.usi.com/property-casualty/technology/ "Technology Insurance") [8](https://www.usi.com/commissions-fees/ "Commissions and Fees") [USI Insurance Services profile](https://spot.insure/insurance-providers/usi) ## 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 ### Who Writes the Limit CFC is on risk: it underwrites R&W for Lloyd’s syndicates and A-rated companies and states it can write $50 million on a transaction plus $150 million of excess on certain fundamentals. USI is not on risk. It brokers R&W inside its Private Equity practice’s deal-support work and does not name the insurer or publish a tower on the reviewed page. [5](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") [9](https://www.usi.com/property-casualty/private-equity "Private Equity") For you, that means a CFC number is a stated underwriting appetite you still have to confirm on the binder. A USI number is whatever market it places, and you will not see it until the quote. [5](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") [9](https://www.usi.com/property-casualty/private-equity "Private Equity") ### Diligence and What Happens After Close USI says it reads the offering memorandum and purchase-and-sale agreement to flag issues and define pre-closing liabilities. CFC’s reviewed pages do not describe that document-review service; they describe underwriting, including Buyer Protect and Seller Protect that it says can be placed within 24 hours on deals under $20 million. [9](https://www.usi.com/property-casualty/private-equity "Private Equity") [5](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") After close, USI says a local team oversees the target’s insurance and benefits. CFC describes a dedicated transaction-liability claims team in London and New York, not a benefits program for the acquired company. One path is ongoing insurance administration; the other is R&W claims notice. [9](https://www.usi.com/property-casualty/private-equity "Private Equity") [5](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") ### Who the Practice Is For USI markets this work to private-equity buyers and sellers working with financial or strategic buyers through a merger, and it points inquiries to a published practice contact or a local office. CFC presents itself as a deal facilitator for private equity and strategic buyers and sellers, with a separate small-deal product that it says can be arranged after closing. [9](https://www.usi.com/property-casualty/private-equity "Private Equity") [5](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") ## What to Confirm in Representations and Warranties Insurance Quotes - Identify USI’s R&W carrier and CFC’s syndicate or company for this transaction. [9](https://www.usi.com/property-casualty/private-equity "Private Equity") [5](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") - Ask USI how the OM and PSA review feeds the R&W underwriting submission. [9](https://www.usi.com/property-casualty/private-equity "Private Equity") - Confirm whether CFC is quoting Buyer Protect, Seller Protect, core capacity, or secondaries. [5](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") - Compare CFC’s $50 million / $150 million excess figures with USI’s quoted tower, and ask who services the target’s other insurance after close. [5](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") [9](https://www.usi.com/property-casualty/private-equity "Private Equity") ## Offering Details | Criteria | CFC Transaction Liability Insurance | USI Private Equity Practice — Representations and Warranties Insurance | | --- | --- | --- | | 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..) | USI brokers representations and warranties (R&W) insurance as part of its Private Equity practice's deal-support services; it does not underwrite the policy itself. [9](https://www.usi.com/property-casualty/private-equity "Private Equity") (Evidence: Company-reported; scope: Private Equity practice page..) | | 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 Private Equity page does not name the insurer USI uses for R&W placements. [9](https://www.usi.com/property-casualty/private-equity "Private Equity") (Evidence: Not publicly disclosed; scope: Page as read on 2026-09-23..) | | Who It’s For | Not described in the reviewed sources. | USI markets this practice to private equity buyers and sellers working with financial or strategic buyers throughout a merger or acquisition process, not to a general commercial buyer outside a deal context. [9](https://www.usi.com/property-casualty/private-equity "Private Equity") (Evidence: Company-reported; scope: Company description of the practice's audience..) | | 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..)

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..)

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..) | USI lists "Representations and Warranties Insurance Solutions for Uninsured Risk" among its Private Equity practice's offerings, in the context of reviewing the offering memorandum and purchase-and-sale agreement to identify pre-closing liabilities. [9](https://www.usi.com/property-casualty/private-equity "Private Equity") (Evidence: Company-reported; scope: Single catalogue line on the practice page; actual insuring agreements, exclusions and the underwriting review process are set by the R&W insurer and the deal's own diligence..) | | 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..) | The page does not publish limit or retention figures for R&W placements. [9](https://www.usi.com/property-casualty/private-equity "Private Equity") (Evidence: Not publicly disclosed; scope: Page as read on 2026-09-23..) | | Risk Services | Not described in the reviewed sources. | USI says it reviews the offering memorandum and purchase-and-sale agreement to flag red flags, helps define pre-closing liabilities, and maintains a local service team overseeing the target company's insurance and benefits programs after close, alongside benchmarking and total-cost-of-risk analysis. [9](https://www.usi.com/property-casualty/private-equity "Private Equity") (Evidence: Company-reported; scope: Company description of the deal-support process; R&W insurance is one of several services listed alongside these..) | | 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..) | USI directs private equity and M&A inquiries to pcinquiries@usi.com or a local USI office. [9](https://www.usi.com/property-casualty/private-equity "Private Equity") (Evidence: Company-reported; scope: Contact instructions on the Private Equity practice page..) | | 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..) | Not described in the reviewed sources. | ## Full Comparison - [CFC vs USI Insurance Services](https://spot.insure/compare/cfc-vs-usi): 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 USI Insurance Services Commercial Property Insurance](https://spot.insure/compare/cfc-vs-usi/commercial-property) - [CFC vs USI Insurance Services Crime Insurance](https://spot.insure/compare/cfc-vs-usi/crime) - [CFC vs USI Insurance Services Cyber Insurance](https://spot.insure/compare/cfc-vs-usi/cyber) - [CFC vs USI Insurance Services D&O Insurance](https://spot.insure/compare/cfc-vs-usi/directors-officers) - [CFC vs USI Insurance Services Employment Practices Liability Insurance](https://spot.insure/compare/cfc-vs-usi/employment-practices) - [CFC vs USI Insurance Services Management Liability Insurance](https://spot.insure/compare/cfc-vs-usi/management-liability) - [CFC vs USI Insurance Services Professional Liability (E&O) Insurance](https://spot.insure/compare/cfc-vs-usi/professional-errors-omissions) - [Beazley vs CFC Representations and Warranties Insurance](https://spot.insure/compare/beazley-vs-cfc/representations-warranties) - [Beazley vs USI Insurance Services Representations and Warranties Insurance](https://spot.insure/compare/beazley-vs-usi/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. ### USI Insurance Services 6. [The Power of ONE](https://www.usi.com/about-usi). USI Insurance Services; History, client-count, nationwide office, and P&C / benefits / personal risk / retirement description. Accessed 2026-09-16. 7. [Technology Insurance](https://www.usi.com/property-casualty/technology/). USI Insurance Services; Technology practice client types, seed-to-IPO range, and listed insurance placement lines including PrivaSafe. Accessed 2026-09-16. 8. [Commissions and Fees](https://www.usi.com/commissions-fees/). USI Insurance Services; Licensed-producer authority, insurer-paid commission default, contingent compensation, and client request right. Accessed 2026-09-16. 9. [Private Equity](https://www.usi.com/property-casualty/private-equity). USI Insurance Services; Optimizing Risk from Letter of Intent to Exit; As part of our thorough insurance due diligence, we carefully review the offering memorandum and the purchase-and-sale agreement...; USI's Private Equity Practice offers comprehensive solutions and services, including:...Representations and Warranties Insurance Solutions for Uninsured Risk.... 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-usi/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)