HUB International vs 
Lockton Fiduciary Liability Insurance
HUB lists fiduciary claim scenarios and a D&O distinction; Lockton describes typical policy grants, optional statutory fines and an ERISA-bond distinction.
What Is HUB International?
HUB International is a North American insurance brokerage that arranges business insurance, employee benefits and related risk services through local offices and specialist practices. Smaller commercial accounts may be sent to Insureon for an online quote; other programs are handled by HUB advisors, with policy terms set by the insurers they use. 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 Fiduciary Liability Insurance?
Fiduciary liability insurance addresses covered claims alleging breaches of duties in managing employee benefit plans. 9,10
Key Differences in Fiduciary Liability Insurance
What Each Says a Policy Typically Addresses
HUB and Lockton both broker fiduciary liability rather than issue it. HUB lists claim scenarios such as a plan insurer, mutual fund or administrator making bad choices, administration errors, conflicts of interest, benefits denials or reductions, bad advice, insufficient funding, poor investment selection and incorrect plan termination. Lockton describes a typical policy as covering breaches of benefit laws, errors and omissions in plan administration, voluntary compliance loss, and, when the form states them, certain HIPAA, Pension Protection Act and ACA fines and penalties. 4 8
A HUB quote still has to map those scenarios onto the placed form. A Lockton quote still has to show whether the statutory fines are actually scheduled, because Lockton says they apply only when explicitly stated. 4 8
How Each Separates Fiduciary From Nearby Products
HUB states that fiduciary liability exposure is not covered by directors and officers policies, so it treats fiduciary as its own line. Lockton distinguishes fiduciary liability from an ERISA bond, which it says is legally required and insures plan assets against theft under a crime or fidelity policy, whereas fiduciary liability covers governance and decision-making risk and is not legally required. 4 8
You still need both distinctions confirmed on paper: a D&O schedule does not, on HUB’s telling, replace fiduciary, and an ERISA bond does not, on Lockton’s telling, replace fiduciary. 4 8
Who They Describe as Protected
HUB targets employers that offer health-care or retirement benefit plans and that may face litigation from plan participants, the Department of Labor or the Pension Benefit Guaranty Corporation. Lockton says coverage under a typical policy it places extends to the organization, the benefit plans, employees, subsidiaries as defined in the policy, spouses or domestic partners, estates and heirs, past employees retained as fiduciaries or consultants, and committees and trustees. 4 8
What to Confirm in Fiduciary Liability Insurance Quotes
- Ask Lockton whether HIPAA, ACA or Pension Protection Act fines appear on the form. 8
- Ask HUB whether each listed scenario is on the placed form and whether fiduciary is scheduled apart from D&O. 4
- Compare named insureds with Lockton’s typical roster, including spouses, heirs and former-employee consultants. 8 4
- Confirm any legally required ERISA bond is still in force; Lockton treats it as a different product. 8
- Treat HUB’s $1 million combined defense-and-settlement figure as exposure context, not a quoted limit. 4
Offering Details
HUB International vs Lockton Fiduciary Liability Insurance: documented features by provider
| Criteria | HUB International Fiduciary Liability Insurance Brokerage | Lockton Fiduciary Liability Insurance Brokerage |
|---|---|---|
| Role in This Line | HUB brokers fiduciary liability insurance for employers that sponsor health-care and retirement benefit plans, rather than underwriting the coverage itself. 4Company-reported. Fiduciary liability product page, read 2026-09-23. The page does not name an issuing insurer. | 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. 8Company-reported. Fiduciary liability product page as read 2026-09-23. |
| Issuing Insurer | No insurer is named for fiduciary liability on the product page; the carrier depends on the placement. 4Not found in reviewed sources. Checked the fiduciary liability product page on 2026-09-23. | The page does not name the insurers Lockton places fiduciary liability coverage with. 8Not publicly disclosed. Fiduciary liability page checked 2026-09-23. |
| Who It’s For | HUB targets fiduciary liability brokerage at employers offering health-care or retirement benefit plans who face potential litigation from plan participants, the Department of Labor or the Pension Benefit Guaranty Corporation. 4Company-reported. Product-page target-audience description; not a published underwriting appetite. | 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. 8Company-reported. Fiduciary liability product page as read 2026-09-23. |
| Coverage Features | HUB lists fiduciary liability claim scenarios it covers as including a plan's insurer, mutual fund or third-party administrator making bad choices, plan administration errors or conflicts of interest, benefits denial, changes or reductions, bad advice or improper counsel, insufficient plan funding, poor investment selection and incorrect plan termination. 4Company-reported. Product-page list of covered claim scenarios; the issued policy's insuring agreement and exclusions control an actual claim. HUB states that fiduciary liability exposure "is not covered by director's and officers' liability policies," positioning fiduciary liability as a separate line from D&O rather than a bundled coverage. 4Company-reported. Product-page statement distinguishing fiduciary liability from D&O. | 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. 8Company-reported. Fiduciary liability product page as read 2026-09-23. General policy-structure description, not a specimen form. |
| Limits and Retentions | The product page does not publish specific policy limits or retentions; it references that combined defense and settlement costs on fiduciary claims can exceed $1 million as a risk statistic, not a policy limit. 4Not publicly disclosed. Checked the fiduciary liability product page on 2026-09-23; the $1 million figure describes potential exposure, not an offered limit. | Not described in the reviewed sources. |
| Risk Services | HUB publishes a video on preventing fiduciary liability claims and administrative-error best practices on the product page, but the page does not describe a formal fiduciary risk-management or plan-review service. 4Company-reported. Product-page educational video reference. | Not described in the reviewed sources. |
| How to Apply | HUB directs fiduciary liability prospects to "Connect With a Broker" or "Contact a HUB broker" rather than an online quote or bind flow. 4Company-reported. Product-page calls to action. | Not described in the reviewed sources. |
| Claims Support | Not described in the reviewed sources. | Lockton's Professional & Executive Risk Claims team integrates insurance and claims counsel within the broking team, which Lockton says is meant to have claims strategy in place before a fiduciary liability claim arises. 8Company-reported. Fiduciary liability product page as read 2026-09-23. |
Full Comparison
More HUB International vs Lockton Comparisons
Other Fiduciary Liability Insurance Comparisons
Sources
HUB International
- About Us. HUB International; Opening description; 1998 formation of HUB International Limited; 2022 Insureon acquisition; headquarters and employee/office counts. Accessed 2026-09-16.
- Contact Us. HUB International; Business Solutions paths for Commercial Insurance Solutions versus Small Commercial Insurance Solutions via Insureon; office search. Accessed 2026-09-16.
- Insurance for Technology Companies. HUB International; Technology Company Insurance & Risk Management: startup, software, hardware and digital-media introduction; Business Coverage and People Protection lists; technology-client count. Accessed 2026-09-16.
- Fiduciary Liability Insurance Brokers. HUB International; Target audience: employers offering health-care and retirement benefit plans; list of covered claim scenarios; statement distinguishing fiduciary liability from D&O; $1 million defense-and-settlement-cost reference; "Prevent Fiduciary Liability Claims" video; Connect With a Broker / Contact a HUB broker calls to action. 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.
- Fiduciary Liability Insurance. Lockton; What is fiduciary liability insurance?; Typical coverage on a fiduciary liability policy; Who can be covered under a fiduciary liability policy?; How does fiduciary liability insurance complement similar lines of coverage; Claims management. Accessed 2026-09-23.
Fiduciary Liability Insurance Guide
- Field Assistance Bulletin No. 2008-04: Guidance Regarding ERISA Fidelity Bonding Requirements. U.S. Department of Labor, Employee Benefits Security Administration; Q2 pp.2–3. Accessed 2026-09-16.
- Fiduciary Liability Insurance. Travelers; What Is Fiduciary Liability Insurance? Accessed 2026-09-16.
