Cowbell vs 
Lockton D&O Insurance
Cowbell’s D&O is a Zurich SME module; Lockton designs Side A/B/C programs that can extend to trustees, volunteers, spouses and estates.
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. 1,2,3
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. 5,6,7
What Is Directors and Officers Insurance?
Directors and officers liability insurance addresses covered claims alleging wrongful acts in managing an organization. 9
Key Differences in D&O Insurance
Zurich Module Versus Program Design
Cowbell’s D&O sits inside Zurich Select Plus: Zurich underwrites the module, and appointed E&S wholesalers reach it through Cowbell’s API. Lockton designs and places D&O programs rather than underwriting them, saying effective coverage needs market intelligence, coverage-design precision and attention to emerging risks such as AI-related litigation and event-driven claims. 4 8
Who Can Sit on the Policy
Lockton says 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 or domestic partners, and estates or heirs. Cowbell describes protection for directors’ and officers’ personal assets and the company’s financial assets against wrongful-act claims, without listing that extended insured roster. 8 4
Claims Counsel in the Broking Team
Lockton says its Professional & Executive Risk Claims team puts insurance and claims counsel inside the broking team from the start of the relationship rather than treating claims advocacy as a separate profit center. Cowbell’s reviewed pages do not describe an equivalent embedded D&O claims-counsel team; they emphasize legal fees, settlements and defense costs as part of the module. Cowbell also publishes a 250-employee and $50 million asset target that Lockton’s page does not use. 8 4
What to Confirm in D&O Insurance Quotes
- Ask Lockton which additional insured classes would be named and whether Side C would be securities-only if you are public. 8
- Confirm Cowbell’s employee and asset screens and whether you have a Zurich E&S wholesaler. 4
- Ask Lockton which insurers it would market to; its D&O page does not name them. 8
- Get limit and retention figures; Cowbell/Zurich and Lockton’s reviewed pages do not publish them. 3 8
Offering Details
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 |
|---|---|---|
| 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.' 4,3Company-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. 8Company-reported. D&O product page as read 2026-09-23. |
| Issuing Insurer | 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. 4,3Company-reported. Management liability page intro; Zurich page intro and footer. | The D&O page does not name the insurers Lockton places D&O coverage with. 8Not publicly disclosed. D&O product page checked 2026-09-23. |
| 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. 4Company-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. 8Company-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. 4Company-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). 8Company-reported. D&O product page as read 2026-09-23. General educational description of program structure, not a specimen policy form. |
| Limits and Retentions | Neither the Cowbell page nor Zurich's own Select Plus page, both read in full, publishes D&O limit or retention amounts. 4,3Not publicly disclosed. Cowbell page and Zurich page, both read on 2026-09-23. | Not described in the reviewed sources. |
| Risk Services | 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. 4Company-reported. FAQ 'Why does my company need management liability coverage?'. | Not described in the reviewed sources. |
| How to Apply | 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. 4Company-reported. FAQ 'How can I access the Zurich Select Plus management liability product through Cowbell?'. | Not described in the reviewed sources. |
| Claims Support | Not described in the reviewed sources. | Lockton says its Professional & Executive Risk Claims team integrates experienced insurance and claims counsel within the broking team from the start of the relationship, rather than treating claims advocacy as a separate profit center. 8Company-reported. D&O product page as read 2026-09-23. |
Full Comparison
More Cowbell vs Lockton Comparisons
Other D&O Insurance Comparisons
Sources
Cowbell
- Cowbell. Cowbell; What We Do; Assess, Insure, Respond and Improve; U.S. navigation; footer legal disclosure. Accessed 2026-09-15.
- Prime Tech Product Overview. 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.
- Small and Midsize Business Management Liability | Zurich Select Plus. 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.
- Management liability coverage for small & medium enterprises. 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.
Lockton
- Lockton United States. Lockton; Opening description of independent insurance brokerage for risk, benefits and retirement; Ask an Expert link to contact-us. Accessed 2026-09-16.
- 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.
- US 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.
- D&O Insurance. Lockton; What is D&O insurance?; Side A/B/C coverage components; Who can be covered under a D&O program?; Claims management. Accessed 2026-09-23.
D&O Insurance Guide
- Glossary of Business Insurance Terms. The Hartford; Directors and Officers Liability Insurance; Errors and Omissions Insurance; Employment Practices Liability Insurance. Accessed 2026-09-16.
