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

HUB International focuses fiduciary brokerage on employers offering retirement or health-care plans; Lockton places policies that typically extend to the organization, benefit plan, and people managing plan benefits.

HUB lists fiduciary claims from administrator errors to plan termination and says D&O does not cover the line; Lockton describes typical benefit-law and administration coverage and certain stated fines. ^1,²

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

What Each Says a Policy Typically Addresses

HUB lists claim scenarios such as administrator errors, conflicts, benefit reductions, bad advice, insufficient funding and incorrect plan termination. Lockton describes typical cover for benefit-law breaches, administration errors, voluntary-compliance loss and certain HIPAA, Pension Protection Act and ACA fines when stated. ¹ ²

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. ¹ ²

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. ¹ ²

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. ¹ ²

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

Ask Lockton whether HIPAA, ACA or Pension Protection Act fines appear on the form. ²
Ask HUB whether each listed scenario is on the placed form and whether fiduciary is scheduled apart from D&O. ¹
Compare named insureds with Lockton’s typical roster, including spouses, heirs and former-employee consultants. ² ¹
Confirm any legally required ERISA bond is still in force; Lockton treats it as a different product. ²
Treat HUB’s $1 million combined defense-and-settlement figure as exposure context, not a quoted limit. ¹

HUB International vs Lockton Fiduciary Liability Insurance Compared

HUB International vs Lockton: Fiduciary Liability Insurance: documented features by provider

Criteria	HUB International Fiduciary Liability Insurance Brokerage	Lockton Fiduciary Liability Insurance Brokerage
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. ¹Company-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. ²Company-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. ¹Company-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. ¹Company-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. ²Company-reported. Fiduciary liability product page as read 2026-09-23. General policy-structure description, not a specimen form.
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. ¹Company-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. ²Company-reported. Fiduciary liability product page as read 2026-09-23.

Criteria

HUB International Fiduciary Liability Insurance Brokerage

Lockton Fiduciary Liability Insurance Brokerage

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. ¹Company-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. ²Company-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. ¹Company-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. ¹Company-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. ²Company-reported. Fiduciary liability product page as read 2026-09-23. General policy-structure description, not a specimen form.

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. ¹Company-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. ²Company-reported. Fiduciary liability product page as read 2026-09-23.