Cowbell vs Lockton: How Do They Compare for D&O Insurance?

Cowbell's D&O for private companies under 250 employees is a module accessed only through Zurich-appointed wholesalers, while Lockton designs and places D&O programs and says coverage can extend beyond the company to related entities.

Cowbell's D&O is a packaged Zurich module for private companies under 250 employees and $50 million in assets, available only through appointed wholesale brokers. Lockton designs custom Side A, B and C programs and puts claims counsel on your broking team from the start. ^1,³

What Are the Key Differences Between Cowbell and Lockton D&O Insurance?

Packaged Small-Company Module vs Custom Program

Cowbell's D&O is one module in Zurich's Select Plus product, aimed at private companies under 250 employees and $50 million in assets, and only Zurich-appointed wholesale brokers can reach it through Cowbell's platform. Lockton designs and places D&O programs, and says it tracks emerging risks such as AI-related litigation and event-driven claims. Choose Cowbell if you're a small private company and your broker has wholesale access; choose Lockton if you're larger, public, or need a program built around unusual exposures. ¹ ³

Who the Policy Protects

Lockton says the programs it places can cover trustees, employees, contractors, committee members, volunteers, subsidiaries, spouses and estates as well as directors and officers. Cowbell describes protecting directors' personal assets and the company's funds, without that wider list. If volunteers or committee members make decisions for you, Lockton's broader roster matters. ³ ¹

Claims Counsel From Day One

Lockton puts insurance and claims counsel inside your broking team from the start, rather than bringing in claims help only after something happens. Cowbell's pages say the module pays legal fees, settlements and defense costs, but describe no dedicated claims advocate. ³ ¹

What Should You Confirm in Cowbell and Lockton D&O Insurance Quotes?

Ask Lockton which extra insured groups your program will name, and whether entity cover is limited to securities claims if you're public. ³
Confirm you fit Cowbell's size caps and that your broker works with a Zurich-appointed wholesaler. ¹
Ask Lockton which insurers it will approach; its page names none. ³
Get limits and retentions in writing from both; neither publishes them. ² ³

Cowbell vs Lockton D&O Insurance Compared

Cowbell vs Lockton: D&O Insurance: documented features by provider

Criteria	Cowbell / Zurich Select Plus Private Company D&O	Lockton Directors & Officers (D&O) Insurance Brokerage
Who It’s For	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. ¹Company-reported. FAQ 'What size accounts are targeted?' and Target industries list.	Lockton says D&O coverage it places can extend beyond directors and officers to trustees, employees, independent contractors, staff, committee members, volunteers, the corporate entity, majority-owned subsidiaries, spouses/domestic partners, and estates/heirs. ³Company-reported. D&O product page as read 2026-09-23. Describes who can typically be covered under a program Lockton structures, not a guarantee for any specific client.
Coverage Features	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. ¹Company-reported. FAQ 'What is the difference between management liability and D&O?'.	Lockton explains a traditional D&O program in three parts it says it can structure: Side A (direct coverage to individual directors/officers when the company can't indemnify them), Side B (reimbursing the company for indemnifying its D&Os), and Side C (entity coverage, generally limited to securities claims for public companies but broader for private and nonprofit organizations). ³Company-reported. D&O product page as read 2026-09-23. General educational description of program structure, not a specimen policy form.
Role in This Line	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.' ^1,²Company-reported. Management liability page intro and module list; Zurich page module-name section.	Lockton designs and places D&O programs rather than underwriting them, saying effective coverage requires market intelligence, coverage-design precision and staying ahead of emerging risks like AI-related litigation and event-driven claims. ³Company-reported. D&O product page as read 2026-09-23.