Gallagher vs Lockton: How Do They Compare for Fiduciary Liability Insurance?

Gallagher uses proprietary models to assess fiduciary risk and help select limits; Lockton brokers coverage for organizations, benefit plans, and administrators and offers specialist claims support.

Gallagher uses proprietary models to advise on fiduciary limits; Lockton describes typical coverage for benefit-law breaches, voluntary-compliance loss and certain stated HIPAA, PPA and ACA fines. ^1,²

What Are the Key Differences Between Gallagher and Lockton Fiduciary Liability Insurance?

How Each Advises Before Binding

Gallagher uses proprietary models to measure fiduciary risk and assist with limit selection. Lockton describes typical policy scope, including benefit-law breaches, administration errors, voluntary-compliance loss and certain HIPAA, Pension Protection Act and ACA fines when stated. ¹ ²

Committees Versus a Long Insured List

Gallagher focuses on corporations’ ERISA fiduciaries, fiduciary committees, and people who design or implement 401(k) or pension plans. Lockton lists who a typical policy may cover: the organization, the plans, employees, defined subsidiaries, spouses, estates, past employees retained as fiduciaries or consultants, and committees and trustees. ¹ ²

Claims Staffing

Lockton’s Professional & Executive Risk Claims team integrates insurance and claims counsel so strategy exists before a fiduciary claim. Gallagher’s reviewed page emphasizes limit modeling rather than a named fiduciary claims unit. ² ¹

What Should You Confirm in Gallagher and Lockton Fiduciary Liability Insurance Quotes?

Ask Lockton whether voluntary compliance and named fines are on the form, and whether Gallagher’s market matches that. ² ¹
Compare Gallagher’s modeled limit with Lockton’s proposed limit; neither page publishes a default. ¹ ²
Check insured schedules against Lockton’s listed classes. ²
Ask how each broker would handle a claim, given Lockton’s named claims team. ²

Gallagher vs Lockton Fiduciary Liability Insurance Compared

Gallagher vs Lockton: Fiduciary Liability Insurance: documented features by provider

Criteria	Gallagher Fiduciary Liability Insurance	Lockton Fiduciary Liability Insurance Brokerage
Who It’s For	Gallagher targets this coverage at corporations sponsoring retirement or welfare benefit plans, since the described exposure is tied specifically to ERISA fiduciary duties. ¹Company-reported. Group-level executive-and-financial-risk practice page.	Lockton says coverage under a fiduciary liability policy it places typically extends to the organization, the benefit plans, employees, subsidiaries as defined in the policy, spouses/domestic partners, estates/heirs, past employees retained as fiduciaries or consultants, and committees and trustees. ²Company-reported. Fiduciary liability product page as read 2026-09-23.
Coverage Features	Gallagher describes fiduciary liability as protecting a corporation's Employee Retirement Income Security Act (ERISA) fiduciaries, fiduciary committees and personnel who design or implement 401(k) or pension plans for employees and retirees. ¹Company-reported. Group-level executive-and-financial-risk practice page; a service description, not a specific policy's insuring agreement or exclusions.	Lockton says a typical fiduciary liability policy it places covers breaches of benefit laws, errors and omissions in plan administration, voluntary compliance loss, and, when explicitly stated, certain fines and penalties such as under HIPAA, the Pension Protection Act and the ACA. It also notes fiduciary liability is distinct from an ERISA bond, which is legally required and insures plan assets against theft under a crime/fidelity policy, whereas fiduciary liability is not legally required but covers governance and decision-making risk. ²Company-reported. Fiduciary liability product page as read 2026-09-23. General policy-structure description, not a specimen form.
Role in This Line	Gallagher's Executive and Financial Risk practice places fiduciary liability coverage with outside carriers and advises on limits; it does not underwrite the policy. ¹Company-reported. Group-level executive-and-financial-risk practice page.	Lockton places fiduciary liability insurance to protect companies and the individuals who manage their employee benefit plans against claims of mismanagement; Lockton is the broker, not the insurer. ²Company-reported. Fiduciary liability product page as read 2026-09-23.