Chubb vs 
Lockton: How Do They Compare for Representations and Warranties Insurance?
Chubb underwrites R&W directly and serves large U.S. and Canadian multinational companies and their brokers; Lockton places RWI instead, with former M&A lawyers and dedicated claims experts after binding.
Chubb writes buyer- and seller-side R&W itself, paying losses and defense costs above a retention for unknown, unintentional breaches; Lockton is a broker whose team of former M&A lawyers places RWI to replace or reduce seller indemnity and escrow, with 24/7 deal coverage and claims experts after closing. 1,3
What Are the Key Differences Between Chubb and Lockton Representations and Warranties Insurance?
Direct Insurer vs Broker Team of Former M&A Lawyers
Chubb writes R&W itself and pays financial losses, including defense costs, above a retention for certain unintentional and unknown breaches of the seller's representations. Lockton's RWI practice is a broker staffed by former M&A lawyers and transaction advisors, with a Partner/Associate model and 24/7 coverage on every deal, and doesn't name the insurers it uses. Lockton says dedicated transaction-liability claims experts stay involved after binding; Chubb's page doesn't describe a separate post-bind claims team. Choose Chubb if your counsel wants to deal directly with one insurer; choose Lockton if you want deal lawyers comparing insurers and backing you if a breach claim arises. 1 3
Seller Exit and Auction Benefits Framed Differently
Lockton says RWI replaces or bolsters seller indemnity or escrow. For sellers, that means faster proceeds, less post-closing exposure and no personal guarantee; for buyers, broader protection, faster negotiation and no conflict when the seller stays in the business. Chubb stresses buyer-side advantages in auctions and in collecting on a claim, and seller-side cover for funds at the end of their life and minority sellers. 3 1
What Should You Confirm in Chubb and Lockton Representations and Warranties Insurance Quotes?
- Ask Lockton which insurer would issue the RWI policy, and ask Chubb which Chubb company issues its policy. 3 1
- Ask whether the policy replaces escrow or sits above a retention alongside remaining seller indemnity. 3 1
- Ask Lockton who receives claims notice and who advocates for you after a breach allegation. 3
- Compare limit, retention and whether defense costs reduce the limit. 1 3
Chubb vs Lockton Representations and Warranties Insurance Compared
Chubb vs Lockton: Representations and Warranties Insurance: documented features by provider
| Criteria | Chubb Representations and Warranties (R&W) Insurance | Lockton Representations & Warranties Insurance (RWI) |
|---|---|---|
| Who It’s For | Chubb's R&W product is part of its broader transactional risk suite serving large U.S. and Canadian multinational companies and their brokers; the reviewed pages do not state a minimum deal size for R&W specifically. 2Company-reported. Multinational large-accounts page Specialty Coverage list; R&W page does not itself state deal-size eligibility. | 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. 3Company-reported. RWI product page as read 2026-09-23. |
| Coverage Features | Chubb says the policy protects against financial losses, including defense costs, in excess of a retention, for certain unintentional and unknown breaches of the seller's representations and warranties made in the acquisition or merger agreement. 1Company-reported. R&W Insurance product page opening description and footnote. For buyer-side policies, Chubb lists benefits including protection beyond the negotiated indemnity cap and survival limitations, protection against a seller's collectability or solvency risk, and support for distinguishing a bid in a competitive auction by requiring shorter survival periods and lower liability caps from the seller. 1Company-reported. Benefits of a Buyer-Side R&W Insurance Policy section. For seller-side policies, Chubb says the coverage backstops negotiated indemnity obligations, which it calls a key benefit for private equity or venture capital funds at the end of their life cycle, and protects minority or passive sellers concerned about joint and several liability. 1Company-reported. Benefits of a Seller-Side R&W Insurance Policy section. | 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. 3Company-reported. RWI product page as read 2026-09-23. General description of how the product functions, not a specimen policy. |
| Role in This Line | Chubb underwrites representations and warranties (R&W) insurance directly, available to either buyers or sellers in an acquisition or merger transaction. 1Company-reported. R&W Insurance product page. | 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. 3Company-reported. RWI product page as read 2026-09-23. |
