---
title: "Gallagher vs Lockton D&O Insurance"
description: "Gallagher measures Side-A-only D&O use for SPACs and IPOs; Lockton embeds claims counsel and can extend insureds to trustees and estates."
canonical: "https://spot.insure/compare/gallagher-vs-lockton/directors-officers"
page-type: "line-comparison"
updated-at: "2026-09-23"
---

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# Gallagher vs Lockton D&O Insurance

Gallagher measures Side-A-only D&O use for SPACs and IPOs; Lockton embeds claims counsel and can extend insureds to trustees and estates.

## Research Scope and Use

Use this comparison to evaluate Gallagher and Lockton for D&O 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

Gallagher’s Executive and Financial Risk practice places D&O for SPACs and listing companies, with in-house claims attorneys and Side-A-only benchmarking. Lockton designs and places D&O programs, describing Side A/B/C structures, an extended insured roster, and claims counsel integrated into the broking team from the start. [3](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance") [9](https://global.lockton.com/us/en/products-services/d-and-o-insurance "D&O Insurance")

## What Is Gallagher?

Gallagher is a business-insurance broker and risk-management consultancy. Its technology practice serves startups through global enterprises, alongside a separate small-business offering for IT professionals and an executive-risk practice covering D&O and transaction-related coverages. Woodruff Sawyer is now part of Gallagher. [1](https://www.ajg.com/industries/technology-insurance/ "Technology Insurance") [2](https://www.gallaghersmallbusiness.com/technology-services/ "Insurance for Technology & IT Businesses") [3](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance") [4](https://www.gallaghersmallbusiness.com/legal-information/ "Legal Information") [5](https://www.ajg.com/merger-partners/woodruff-sawyer-is-now-gallagher/ "Woodruff Sawyer Is Now Gallagher")

[Gallagher profile](https://spot.insure/insurance-providers/gallagher)

## 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. [6](https://global.lockton.com/us/en "Lockton United States") [7](https://global.lockton.com/us/en/technology "Technology") [8](https://global.lockton.com/us/en/terms-of-business "US Terms of Business")

[Lockton profile](https://spot.insure/insurance-providers/lockton)

## What Is Directors and Officers Insurance?

Directors and officers liability insurance addresses covered claims alleging wrongful acts in managing an organization. [10](https://www.thehartford.com/business-insurance/glossary-of-business-insurance-terms "Glossary of Business Insurance Terms")

## Key Differences in D&O Insurance

### Claims Counsel

Gallagher and Lockton both describe attorney involvement after a D&O claim. Gallagher staffs a dedicated claims-advocacy team with in-house attorneys and uses quantitative benchmarking of Side-A-only D&O use. Lockton says its Professional & Executive Risk Claims team integrates insurance and claims counsel inside the broking team from the start of the relationship, rather than treating claims advocacy as a separate profit center. [3](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance") [9](https://global.lockton.com/us/en/products-services/d-and-o-insurance "D&O Insurance")

### Listing-Stage Clients

Gallagher markets D&O to SPACs around IPO and de-SPAC and to companies going public by IPO or direct listing. Lockton’s reviewed D&O page does not center SPACs or that listing calendar. [3](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance") [9](https://global.lockton.com/us/en/products-services/d-and-o-insurance "D&O Insurance")

If your buying event is a SPAC or IPO, Gallagher’s page is written around that event. Lockton’s page is written around program design, not that calendar. [3](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance") [9](https://global.lockton.com/us/en/products-services/d-and-o-insurance "D&O Insurance")

### Named Insureds

Lockton says coverage it places can extend beyond directors and officers to trustees, employees, independent contractors, staff, committee members, volunteers, subsidiaries, spouses or domestic partners, and estates or heirs. Gallagher’s reviewed page does not list that insured roster. [9](https://global.lockton.com/us/en/products-services/d-and-o-insurance "D&O Insurance") [3](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance")

If a trustee, volunteer or estate needs to be scheduled, Lockton’s page names those classes. Gallagher’s page does not. [9](https://global.lockton.com/us/en/products-services/d-and-o-insurance "D&O Insurance") [3](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance")

## What to Confirm in D&O Insurance Quotes

- Ask Gallagher how Side-A-only benchmarking would apply to your tower. [3](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance")
- Ask Lockton which additional insured classes would be named and how the claims team sits inside broking. [9](https://global.lockton.com/us/en/products-services/d-and-o-insurance "D&O Insurance")
- Get the issuing carrier from both. [3](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance") [9](https://global.lockton.com/us/en/products-services/d-and-o-insurance "D&O Insurance")
- If you are public, ask Lockton whether Side C would be securities-only. [9](https://global.lockton.com/us/en/products-services/d-and-o-insurance "D&O Insurance")

## Offering Details

| Criteria | Gallagher Directors and Officers (D&O) Liability Insurance | Lockton Directors & Officers (D&O) Insurance Brokerage |
| --- | --- | --- |
| Role in This Line | Gallagher's Executive and Financial Risk practice places D&O liability insurance and advises on program design; it does not underwrite the policy, which is issued by a carrier selected during placement. [3](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance") (Evidence: Company-reported; scope: Group-level executive-and-financial-risk practice page..) | 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. [9](https://global.lockton.com/us/en/products-services/d-and-o-insurance "D&O Insurance") (Evidence: Company-reported; scope: D&O product page as read 2026-09-23..) |
| Issuing Insurer | The executive-and-financial-risk page does not name the insurer that would issue a given client's D&O policy; it says Gallagher weighs carrier qualifications and performance data alongside a client's own insurer history and preferences when deciding which carriers to approach. [3](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance") (Evidence: Company-reported; scope: Group-level executive-and-financial-risk practice page..) | The D&O page does not name the insurers Lockton places D&O coverage with. [9](https://global.lockton.com/us/en/products-services/d-and-o-insurance "D&O Insurance") (Evidence: Not publicly disclosed; scope: D&O product page checked 2026-09-23..) |
| Who It’s For | Gallagher specifically markets D&O placement and advisory support to special-purpose acquisition companies (SPACs) around their IPO and de-SPAC process, and to companies going public through an IPO or direct listing. [3](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance") (Evidence: Company-reported; scope: Group-level executive-and-financial-risk practice page, SPAC and IPO subsections..) | 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. [9](https://global.lockton.com/us/en/products-services/d-and-o-insurance "D&O Insurance") (Evidence: Company-reported; scope: 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 | Gallagher says its D&O team constructs policies addressing lawsuits from shareholders, employees, competitors, suppliers and government bodies, and can evaluate an existing D&O program against the market. [3](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance") (Evidence: Company-reported; scope: Group-level executive-and-financial-risk practice page; a service description, not a specific policy's insuring agreement..) | 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). [9](https://global.lockton.com/us/en/products-services/d-and-o-insurance "D&O Insurance") (Evidence: Company-reported; scope: D&O product page as read 2026-09-23. General educational description of program structure, not a specimen policy form..) |
| Limits and Retentions | The executive-and-financial-risk page does not publish D&O limits, retentions or premium ranges. [3](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance") (Evidence: Not publicly disclosed; scope: Checked the group-level executive-and-financial-risk practice page..) | Not described in the reviewed sources. |
| Risk Services | For SPACs and IPOs, Gallagher describes bundling D&O coverage before and after the IPO with related lines such as representations and warranties, E&O, cyber, tax and contingent liability coverage, plus risk-management and claims support at each stage. [3](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance") (Evidence: Company-reported; scope: Group-level executive-and-financial-risk practice page, SPAC subsection..) | Not described in the reviewed sources. |
| Claims Support | Gallagher says its Executive and Financial Risk practice has a dedicated claims-advocacy team with in-house attorneys specializing in these lines, and that it uses quantitative benchmarking, including measuring the judicious use of Side-A-only D&O coverage, to guide more precise coverage structures. [3](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance") (Evidence: Company-reported; scope: Group-level executive-and-financial-risk practice summary; describes a support service, not a guarantee of claim payment..) | 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. [9](https://global.lockton.com/us/en/products-services/d-and-o-insurance "D&O Insurance") (Evidence: Company-reported; scope: D&O product page as read 2026-09-23..) |

## Full Comparison

- [Gallagher vs Lockton](https://spot.insure/compare/gallagher-vs-lockton): all coverage lines, business roles, service and claims.
- [What Is Directors and Officers Insurance?](https://spot.insure/coverage/directors-officers): Directors and officers insurance can help pay for covered claims against company leaders over decisions they make in running the business.
- [Gallagher vs Lockton Commercial Property Insurance](https://spot.insure/compare/gallagher-vs-lockton/commercial-property)
- [Gallagher vs Lockton Crime Insurance](https://spot.insure/compare/gallagher-vs-lockton/crime)
- [Gallagher vs Lockton Cyber Insurance](https://spot.insure/compare/gallagher-vs-lockton/cyber)
- [Gallagher vs Lockton Employee Health Benefits](https://spot.insure/compare/gallagher-vs-lockton/employee-health-benefits)
- [Gallagher vs Lockton Employment Practices Liability Insurance](https://spot.insure/compare/gallagher-vs-lockton/employment-practices)
- [Gallagher vs Lockton Fiduciary Liability Insurance](https://spot.insure/compare/gallagher-vs-lockton/fiduciary)
- [Gallagher vs Lockton General Liability Insurance](https://spot.insure/compare/gallagher-vs-lockton/general-liability)
- [Gallagher vs Lockton Representations and Warranties Insurance](https://spot.insure/compare/gallagher-vs-lockton/representations-warranties)
- [Gallagher vs Lockton Surety Bonds](https://spot.insure/compare/gallagher-vs-lockton/surety-bonds)
- [Gallagher vs Lockton Workers’ Compensation Insurance](https://spot.insure/compare/gallagher-vs-lockton/workers-compensation)
- [Alliance Risk vs Gallagher D&O Insurance](https://spot.insure/compare/alliance-risk-vs-gallagher/directors-officers)
- [Alliance Risk vs Lockton D&O Insurance](https://spot.insure/compare/alliance-risk-vs-lockton/directors-officers)
- [Amelia Risk vs Gallagher D&O Insurance](https://spot.insure/compare/amelia-risk-vs-gallagher/directors-officers)
- [Amelia Risk vs Lockton D&O Insurance](https://spot.insure/compare/amelia-risk-vs-lockton/directors-officers)
- [Beazley vs Gallagher D&O Insurance](https://spot.insure/compare/beazley-vs-gallagher/directors-officers)
- [Beazley vs Lockton D&O Insurance](https://spot.insure/compare/beazley-vs-lockton/directors-officers)

## Sources

### Gallagher

1. [Technology Insurance](https://www.ajg.com/industries/technology-insurance/). Gallagher; Introduction; Solutions and coverages for the technology industry: Technology errors and omissions including cyber, Intellectual property insurance, Product liability, Employee benefits; Data-driven insights; global network. Accessed 2026-09-16.
2. [Insurance for Technology & IT Businesses](https://www.gallaghersmallbusiness.com/technology-services/). Gallagher Small Business; Protection for IT Professionals & Their Technology-Based Businesses; recommended coverage menu, including Surety Bond Programs; Connect With An Advisor. Accessed 2026-09-16.
3. [Executive and Financial Risk Insurance](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/). Gallagher; Directors and Officers (D&O) Liability insurance section; Special-Purpose Acquisition Companies (SPACs) section; IPO and direct listings section; Executive and Financial Risk Practice Summary. Accessed 2026-09-23.
4. [Legal Information](https://www.gallaghersmallbusiness.com/legal-information/). Gallagher Small Business; Producer identification immediately above Quick Links. Accessed 2026-09-16.
5. [Woodruff Sawyer Is Now Gallagher](https://www.ajg.com/merger-partners/woodruff-sawyer-is-now-gallagher/). Gallagher; Opening; Executive and Financial Risk consulting; Continued access to client portals; contact form. Accessed 2026-09-16.

### Lockton

6. [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.
7. [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.
8. [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.
9. [D&O Insurance](https://global.lockton.com/us/en/products-services/d-and-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

10. [Glossary of Business Insurance Terms](https://www.thehartford.com/business-insurance/glossary-of-business-insurance-terms). The Hartford; Directors and Officers Liability Insurance; Errors and Omissions Insurance; Employment Practices Liability Insurance. 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.

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