--- title: "Founder Shield vs Lockton Representations and Warranties Insurance" description: "Founder Shield places A-rated R&W; Lockton staffs former M&A lawyers on a Partner/Associate model with post-bind claims experts." canonical: "https://spot.insure/compare/foundershield-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/foundershield-vs-lockton/representations-warranties) # Founder Shield vs Lockton Representations and Warranties Insurance Founder Shield places A-rated R&W; Lockton staffs former M&A lawyers on a Partner/Associate model with post-bind claims experts. ## Research Scope and Use Use this comparison to evaluate Founder Shield 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 Founder Shield places R&W with A-rated carriers and lists example seller misrepresentations. Lockton’s RWI practice places policies with former M&A lawyers, describes replacing or bolstering seller indemnity or escrow, and keeps dedicated claims experts after bind. [7](https://foundershield.com/about-us/ "About Us") [3](https://foundershield.com/insurance-faqs/general-faqs/how-do-you-decide-which-carriers-to-approach/ "How Do You Decide Which Carriers to Approach?") [11](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") ## What Is Founder Shield Insurance? Founder Shield is a commercial insurance broker for venture-backed and growing businesses. Buyers can request coverage through its online portal and work with advisors on insurer selection, policy changes and claims reporting. [1](https://foundershield.com/ "Founder Shield") [2](https://apx.foundershield.com/ "Quote Portal") [3](https://foundershield.com/insurance-faqs/general-faqs/how-do-you-decide-which-carriers-to-approach/ "How Do You Decide Which Carriers to Approach?") [4](https://foundershield.com/insurance-faqs/general-faqs/what-if-our-company-grows-a-lot-or-things-change-during-the-year/ "What If Our Company Grows A Lot or Things Change During the Year?") [5](https://foundershield.com/claims/ "Claims") [Founder Shield profile](https://spot.insure/insurance-providers/foundershield) ## 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. [8](https://global.lockton.com/us/en "Lockton United States") [9](https://global.lockton.com/us/en/technology "Technology") [10](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. [12](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance") [13](https://www.beazley.com/en-us/products/executive-risk-usa/mergers-acquisitions "Mergers & Acquisitions") ## Key Differences in Representations and Warranties Insurance ### A-Rated Screen Versus Lawyer Staffing Founder Shield places R&W only with carriers rated A- or better by AM Best, matched by industry, as a Baldwin Group retail brokerage. Lockton places RWI rather than underwriting it, staffs former M&A lawyers and transaction advisors, and says a Partner/Associate model provides 24/7 coverage; its page does not name insurers or an AM Best floor. [3](https://foundershield.com/insurance-faqs/general-faqs/how-do-you-decide-which-carriers-to-approach/ "How Do You Decide Which Carriers to Approach?") [7](https://foundershield.com/about-us/ "About Us") [11](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") ### Example Breaches Versus Indemnity Replacement Founder Shield lists financial-statement misstatements, undisclosed tax, legal or regulatory non-compliance, and undisclosed contracts or leases, mostly on the buyer side. Lockton describes RWI as replacing or bolstering seller indemnity or escrow, with the insurer indemnifying the buyer for an unknown breach, and splits seller and buyer benefit lists (proceeds and guarantees versus negotiation speed and conflicts). [6](https://foundershield.com/coverage/representations-warranties-insurance/ "Representations and Warranties Insurance") [11](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") ### Claims After Bind Lockton says dedicated transaction-liability claims experts remain after the policy is bound and cites a company-reported settlement total in the hundreds of millions of dollars. Founder Shield’s reviewed pages describe carrier selection and a placement request, not a post-bind R&W claims desk. [11](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") [3](https://foundershield.com/insurance-faqs/general-faqs/how-do-you-decide-which-carriers-to-approach/ "How Do You Decide Which Carriers to Approach?") ## What to Confirm in Representations and Warranties Insurance Quotes - Name both markets and ask whether Lockton’s carrier meets an A- or better screen. [3](https://foundershield.com/insurance-faqs/general-faqs/how-do-you-decide-which-carriers-to-approach/ "How Do You Decide Which Carriers to Approach?") [11](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") - Ask whether the policy replaces escrow/indemnity or lists specific misrepresentation categories. [11](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") [6](https://foundershield.com/coverage/representations-warranties-insurance/ "Representations and Warranties Insurance") - Confirm who handles claims notice after bind. [11](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") - Compare premium as a percentage of limit, retention and 24/7 Partner/Associate access. [6](https://foundershield.com/coverage/representations-warranties-insurance/ "Representations and Warranties Insurance") [11](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") ## Offering Details | Criteria | Founder Shield Representations and Warranties Insurance | Lockton Representations & Warranties Insurance (RWI) | | --- | --- | --- | | Role in This Line | Founder Shield is a retail insurance brokerage, described on its site as “the innovation arm of The Baldwin Group,” and places Founder Shield Representations and Warranties Insurance with third-party carriers rather than underwriting the policy itself. [7](https://foundershield.com/about-us/ "About Us") (Evidence: Company-reported; scope: About-us page; applies to Founder Shield's brokerage model generally, restated here for this line..) | 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. [11](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 | Founder Shield says it places policies, including Founder Shield Representations and Warranties Insurance, only with carriers rated A- or better by AM Best, chosen for the client's industry. It does not name the issuing insurer for this line; that depends on which carrier the policy is placed with. [3](https://foundershield.com/insurance-faqs/general-faqs/how-do-you-decide-which-carriers-to-approach/ "How Do You Decide Which Carriers to Approach?") (Evidence: Company-reported; scope: General carrier-selection FAQ, not specific to this line's placements..) | The RWI page does not name the insurers underwriting the representations and warranties policies Lockton places. [11](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 | Founder Shield markets R&W insurance to private equity and other financial sponsors, strategic buyers, corporate sellers divesting a business unit, and family-owned businesses being sold. [6](https://foundershield.com/coverage/representations-warranties-insurance/ "Representations and Warranties Insurance") (Evidence: Company-reported; scope: Representations and Warranties Insurance product page..) | 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. [11](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 | Founder Shield lists financial-statement misstatements, undisclosed tax liabilities, legal or regulatory non-compliance, and undisclosed contracts or leases as the kinds of seller misrepresentations the policy can cover, mostly on the buyer side. [6](https://foundershield.com/coverage/representations-warranties-insurance/ "Representations and Warranties Insurance") (Evidence: Company-reported; scope: Product page; the issued policy and declarations control actual coverage..) | 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. [11](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 | Founder Shield's page does not publish specific limit figures; it says premiums are typically a percentage of the negotiated policy limit, which is set per transaction. [6](https://foundershield.com/coverage/representations-warranties-insurance/ "Representations and Warranties Insurance") (Evidence: Not publicly disclosed; scope: Representations and Warranties Insurance product page, checked 2026-09-23..) | Not described in the reviewed sources. | | How to Apply | You request Founder Shield Representations and Warranties Insurance through Founder Shield's website or an insurance advisor rather than binding coverage directly; Founder Shield says its placement team then approaches carriers on the client's behalf. [7](https://foundershield.com/about-us/ "About Us") [3](https://foundershield.com/insurance-faqs/general-faqs/how-do-you-decide-which-carriers-to-approach/ "How Do You Decide Which Carriers to Approach?") (Evidence: Company-reported; scope: About-us and carrier-selection pages describe the general placement process, not a line-specific application form..) | Not described in the reviewed sources. | | Claims Support | Not described in the reviewed sources. | 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. [11](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 - [Founder Shield vs Lockton](https://spot.insure/compare/foundershield-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. - [Founder Shield vs Lockton Cargo and Transit Insurance](https://spot.insure/compare/foundershield-vs-lockton/cargo-transit) - [Founder Shield vs Lockton Commercial Property Insurance](https://spot.insure/compare/foundershield-vs-lockton/commercial-property) - [Founder Shield vs Lockton Crime Insurance](https://spot.insure/compare/foundershield-vs-lockton/crime) - [Founder Shield vs Lockton Cyber Insurance](https://spot.insure/compare/foundershield-vs-lockton/cyber) - [Founder Shield vs Lockton D&O Insurance](https://spot.insure/compare/foundershield-vs-lockton/directors-officers) - [Founder Shield vs Lockton Employee Health Benefits](https://spot.insure/compare/foundershield-vs-lockton/employee-health-benefits) - [Founder Shield vs Lockton Employment Practices Liability Insurance](https://spot.insure/compare/foundershield-vs-lockton/employment-practices) - [Founder Shield vs Lockton Fiduciary Liability Insurance](https://spot.insure/compare/foundershield-vs-lockton/fiduciary) - [Founder Shield vs Lockton General Liability Insurance](https://spot.insure/compare/foundershield-vs-lockton/general-liability) - [Founder Shield vs Lockton Product Liability Insurance](https://spot.insure/compare/foundershield-vs-lockton/product-liability) - [Founder Shield vs Lockton Workers’ Compensation Insurance](https://spot.insure/compare/foundershield-vs-lockton/workers-compensation) - [Beazley vs Founder Shield Representations and Warranties Insurance](https://spot.insure/compare/beazley-vs-foundershield/representations-warranties) - [Beazley vs Lockton Representations and Warranties Insurance](https://spot.insure/compare/beazley-vs-lockton/representations-warranties) - [CFC vs Founder Shield Representations and Warranties Insurance](https://spot.insure/compare/cfc-vs-foundershield/representations-warranties) - [CFC vs Lockton Representations and Warranties Insurance](https://spot.insure/compare/cfc-vs-lockton/representations-warranties) - [Chubb vs Founder Shield Representations and Warranties Insurance](https://spot.insure/compare/chubb-vs-foundershield/representations-warranties) - [Chubb vs Lockton Representations and Warranties Insurance](https://spot.insure/compare/chubb-vs-lockton/representations-warranties) ## Sources ### Founder Shield 1. [Founder Shield](https://foundershield.com/). Founder Shield; Opening broker description; Specialized Practices; Smart Tech, Smarter People; quote and sign-in links. Accessed 2026-09-15. 2. [Quote Portal](https://apx.foundershield.com/). Founder Shield; Public landing screen, Create Account and Sign In links. Accessed 2026-09-15. 3. [How Do You Decide Which Carriers to Approach?](https://foundershield.com/insurance-faqs/general-faqs/how-do-you-decide-which-carriers-to-approach/). Founder Shield; FAQ answer on carrier selection: works exclusively with A-rated (AM Best) carriers, matched by industry appetite. Accessed 2026-09-23. 4. [What If Our Company Grows A Lot or Things Change During the Year?](https://foundershield.com/insurance-faqs/general-faqs/what-if-our-company-grows-a-lot-or-things-change-during-the-year/). Founder Shield; Carl Niedbala answer, November 25, 2024: operational changes and coverage adjustments. Accessed 2026-09-15. 5. [Claims](https://foundershield.com/claims/). Founder Shield; Our Approach; How We Support Claims Management, steps 1–5; Make a claim link. Accessed 2026-09-15. 6. [Representations and Warranties Insurance](https://foundershield.com/coverage/representations-warranties-insurance/). Founder Shield; What Is Reps & Warranties Insurance?; Who Needs Reps & Warranties Insurance Coverage?; What Does Reps & Warranties Insurance Cover?. Accessed 2026-09-23. 7. [About Us](https://foundershield.com/about-us/). Founder Shield; “Founder Shield is the innovation arm of The Baldwin Group”; company history and mission. Accessed 2026-09-23. ### Lockton 8. [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. 9. [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. 10. [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. 11. [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 12. [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. 13. [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). 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