---
title: "Heffernan Insurance Brokers vs Lockton Representations and Warranties Insurance"
description: "Heffernan pairs RWI with environmental deal cover and post-close planning; Lockton staffs former M&A lawyers and dedicated RWI claims experts."
canonical: "https://spot.insure/compare/heffernan-vs-lockton/representations-warranties"
page-type: "line-comparison"
updated-at: "2026-09-23"
---

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# Heffernan Insurance Brokers vs Lockton Representations and Warranties Insurance

Heffernan pairs RWI with environmental deal cover and post-close planning; Lockton staffs former M&A lawyers and dedicated RWI claims experts.

## Research Scope and Use

Use this comparison to evaluate Heffernan Insurance Brokers 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

Heffernan arranges RWI inside a PE and M&A practice that also lists environmental and tax liability and post-close insurance planning. Lockton’s RWI Practice uses a Partner/Associate model of former M&A lawyers and describes dedicated transaction-liability claims experts after the policy is bound. [4](https://www.heffins.com/business-insurance/private-equity-and-ma/ "Private Equity and M&A") [8](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA")

## What Is Heffernan Insurance Brokers?

Heffernan Insurance Brokers is an independent, Walnut Creek–headquartered retail brokerage that arranges business insurance, employee benefits, and related services. Its technology practice markets to mid- and late-stage companies, including venture-funded and pre-IPO firms. [1](https://www.heffins.com/about-us/our-story/ "Our Story") [2](https://www.heffins.com/business-insurance/technology/ "Technology Company Insurance") [3](https://www.heffins.com/business-insurance/ "Heffernan Business Insurance Brokerage")

[Heffernan Insurance Brokers profile](https://spot.insure/insurance-providers/heffernan)

## 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](https://global.lockton.com/us/en "Lockton United States") [6](https://global.lockton.com/us/en/technology "Technology") [7](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. [9](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance") [10](https://www.beazley.com/en-us/products/executive-risk-usa/mergers-acquisitions "Mergers & Acquisitions")

## Key Differences in Representations and Warranties Insurance

### Broker Role and Staffing

Heffernan’s Private Equity and M&A practice arranges RWI for deal buyers and sellers rather than underwriting it. Lockton likewise places RWI policies rather than issuing them, but staffs the line with former M&A lawyers and transaction advisors who, it says, use a Partner/Associate model on every deal and provide 24/7 coverage. Heffernan’s reviewed page does not describe that staffing model. [4](https://www.heffins.com/business-insurance/private-equity-and-ma/ "Private Equity and M&A") [8](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA")

### Adjacent Cover Versus Escrow Replacement

Heffernan groups RWI with contingent liability, environmental liability, tax liability and litigation-buyout coverage. Lockton describes RWI as a policy used to replace or bolster a seller indemnity or escrow, with separate benefit lists for sellers (faster access to proceeds, reduced post-closing exposure) and buyers (broader protection, faster negotiation). Lockton’s RWI page does not list environmental liability as a companion product. [4](https://www.heffins.com/business-insurance/private-equity-and-ma/ "Private Equity and M&A") [8](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA")

### Post-Close Planning Versus Claims Experts

Heffernan describes pre-close due diligence, group purchasing across private-equity clients, and insurance planning for the company after closing. 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. Neither page names the insurer. [4](https://www.heffins.com/business-insurance/private-equity-and-ma/ "Private Equity and M&A") [8](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA")

## What to Confirm in Representations and Warranties Insurance Quotes

- Ask Heffernan whether environmental or tax liability cover is quoted with RWI and whether post-close planning is in the engagement. [4](https://www.heffins.com/business-insurance/private-equity-and-ma/ "Private Equity and M&A")
- Ask Lockton how escrow replacement is structured and who the post-bind claims expert will be. [8](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA")
- Confirm Partner/Associate coverage hours against Heffernan’s contact-the-practice path for new work. [4](https://www.heffins.com/business-insurance/private-equity-and-ma/ "Private Equity and M&A") [8](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA")
- Get limits and the issuing carrier from both quotes. [4](https://www.heffins.com/business-insurance/private-equity-and-ma/ "Private Equity and M&A") [8](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA")

## Offering Details

| Criteria | Heffernan Private Equity and M&A Practice — Representation & Warranty Insurance | Lockton Representations & Warranties Insurance (RWI) |
| --- | --- | --- |
| Role in This Line | Heffernan's Private Equity and M&A (HIB) Practice arranges representation and warranty (RWI) insurance for deal buyers and sellers as part of a broader transactional-risk brokerage, rather than underwriting the coverage itself. [4](https://www.heffins.com/business-insurance/private-equity-and-ma/ "Private Equity and M&A") (Evidence: Company-reported; scope: Private Equity and M&A page as read on 2026-09-23..) | 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. [8](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 | Not described in the reviewed sources. | The RWI page does not name the insurers underwriting the representations and warranties policies Lockton places. [8](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 | Heffernan markets this practice to private equity firms and strategic investors doing mergers and acquisitions, covering both enterprise-level and transactional liability needs. [4](https://www.heffins.com/business-insurance/private-equity-and-ma/ "Private Equity and M&A") (Evidence: Company-reported; scope: Private Equity and M&A page as read on 2026-09-23..) | 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. [8](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 | Heffernan says RWI safeguards a buyer and seller's agreed understanding of a deal, and groups it under 'Transactional Risk Mitigation' alongside contingent liability, environmental liability, tax liability, and litigation-buyout coverage. [4](https://www.heffins.com/business-insurance/private-equity-and-ma/ "Private Equity and M&A") (Evidence: Company-reported; scope: Private Equity and M&A page as read on 2026-09-23; the page does not describe RWI's specific insuring agreement, exclusions, retention structure, or limits..) | 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. [8](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 | The reviewed page does not publish limits, retention levels, or premium ranges for representation and warranty policies. [4](https://www.heffins.com/business-insurance/private-equity-and-ma/ "Private Equity and M&A") (Evidence: Not publicly disclosed; scope: Private Equity and M&A page as read on 2026-09-23..) | Not described in the reviewed sources. |
| Risk Services | Heffernan describes pre-close due diligence (a detailed review, benchmarking and a search for hidden liabilities), group purchasing across its private-equity clients, and insurance planning for the company after closing. [4](https://www.heffins.com/business-insurance/private-equity-and-ma/ "Private Equity and M&A") (Evidence: Company-reported; scope: Private Equity and M&A page as read on 2026-09-23..) | Not described in the reviewed sources. |
| How to Apply | Heffernan invites private equity and M&A clients to contact the practice directly; the page does not describe a self-service quote or online application path. [4](https://www.heffins.com/business-insurance/private-equity-and-ma/ "Private Equity and M&A") (Evidence: Company-reported; scope: Private Equity and M&A page as read on 2026-09-23..) | 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. [8](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

- [Heffernan Insurance Brokers vs Lockton](https://spot.insure/compare/heffernan-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.
- [Heffernan Insurance Brokers vs Lockton Cargo and Transit Insurance](https://spot.insure/compare/heffernan-vs-lockton/cargo-transit)
- [Heffernan Insurance Brokers vs Lockton Commercial Property Insurance](https://spot.insure/compare/heffernan-vs-lockton/commercial-property)
- [Heffernan Insurance Brokers vs Lockton Crime Insurance](https://spot.insure/compare/heffernan-vs-lockton/crime)
- [Heffernan Insurance Brokers vs Lockton Cyber Insurance](https://spot.insure/compare/heffernan-vs-lockton/cyber)
- [Heffernan Insurance Brokers vs Lockton Employee Health Benefits](https://spot.insure/compare/heffernan-vs-lockton/employee-health-benefits)
- [Heffernan Insurance Brokers vs Lockton Employment Practices Liability Insurance](https://spot.insure/compare/heffernan-vs-lockton/employment-practices)
- [Heffernan Insurance Brokers vs Lockton Fiduciary Liability Insurance](https://spot.insure/compare/heffernan-vs-lockton/fiduciary)
- [Heffernan Insurance Brokers vs Lockton General Liability Insurance](https://spot.insure/compare/heffernan-vs-lockton/general-liability)
- [Heffernan Insurance Brokers vs Lockton Surety Bonds](https://spot.insure/compare/heffernan-vs-lockton/surety-bonds)
- [Heffernan Insurance Brokers vs Lockton Workers’ Compensation Insurance](https://spot.insure/compare/heffernan-vs-lockton/workers-compensation)
- [Beazley vs Heffernan Insurance Brokers Representations and Warranties Insurance](https://spot.insure/compare/beazley-vs-heffernan/representations-warranties)
- [Beazley vs Lockton Representations and Warranties Insurance](https://spot.insure/compare/beazley-vs-lockton/representations-warranties)
- [CFC vs Heffernan Insurance Brokers Representations and Warranties Insurance](https://spot.insure/compare/cfc-vs-heffernan/representations-warranties)
- [CFC vs Lockton Representations and Warranties Insurance](https://spot.insure/compare/cfc-vs-lockton/representations-warranties)
- [Chubb vs Heffernan Insurance Brokers Representations and Warranties Insurance](https://spot.insure/compare/chubb-vs-heffernan/representations-warranties)
- [Chubb vs Lockton Representations and Warranties Insurance](https://spot.insure/compare/chubb-vs-lockton/representations-warranties)

## Sources

### Heffernan Insurance Brokers

1. [Our Story](https://www.heffins.com/about-us/our-story/). Heffernan Insurance Brokers; Headquartered in Walnut Creek; nationwide presence; founded 1988; employee owned; niche practices including technology. Accessed 2026-09-16.
2. [Technology Company Insurance](https://www.heffins.com/business-insurance/technology/). Heffernan Insurance Brokers; Pre-IPO and venture-funded heading; mid to late stage specialization; global expansion copy; self-insurance strategies; Key Markets list; Why Heffernan broker history; Joseph Talmadge practice leader; FAQ. Accessed 2026-09-16.
3. [Heffernan Business Insurance Brokerage](https://www.heffins.com/business-insurance/). Heffernan Insurance Brokers; Forward-Thinking Business Insurance: basic coverages (general liability, commercial property and auto, workers’ compensation); corporate and executive protection (EPL, D&O, fiduciary responsibility, cyber, kidnap and ransom); alternative risk capabilities; claims, loss control and risk-management services; industry practice links including Technology and Claims Advocacy. Accessed 2026-09-16.
4. [Private Equity and M&A](https://www.heffins.com/business-insurance/private-equity-and-ma/). Heffernan Insurance Brokers; Reps & Warranties Insurance; Heffernan Insurance Brokers (HIB) Private Equity and M&A Practice; Key Merger and Acquisition Insurance Services: Pre-Close Due Diligence, Insurance Placement Hub, Post-Close Insurance Strategies; Transactional Risk Mitigation to Contain Any Threats: RWI, Contingent Liability, Environmental Liability, Tax Liability, Litigation Buyout; Other Related Services: General Partnership Liability (GPL), Professional Liability/E&O, Key person insurance. Accessed 2026-09-23.

### Lockton

5. [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.
6. [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.
7. [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.
8. [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

9. [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.
10. [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). To suggest a correction, [contact Spot](https://spot.insure/contact) with the page URL and supporting source.

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