Lockton vs 
Markel Insurance: How Do They Compare for Fiduciary Liability Insurance?
What Is Lockton?
Lockton suits technology companies and larger businesses seeking a broker across cyber, D&O, property, liability and benefits; small firms wanting an instant standard quote should compare digital agencies. 1,2,3
Markel Insurance: Specialty Business and Products
Markel Insurance is Markel Group's specialty and small-business insurance business, with offerings across packages, workers' compensation, cyber, professional and management liability, property, marine, and surety. Products use different insurers and distribution routes, so compare the issuer and terms shown on the specific quote. 5,6
What Is Fiduciary Liability Insurance?
Fiduciary liability can protect your company and plan fiduciaries when participants claim mishandling of an employee benefit plan. If you sponsor a retirement or health plan, check who is insured and whether both administration errors and fiduciary-breach claims are addressed. 8,9,10
Key Differences in Fiduciary Liability Insurance
Insured Parties and ERISA Bond
Lockton says typical policies it places can extend to the organization, benefit plans, employees, defined subsidiaries, spouses or domestic partners, estates, former employees retained as fiduciaries, committees and trustees. It also distinguishes fiduciary liability for governance decisions from an ERISA bond that protects plan assets against theft. Markel describes private companies, nonprofits and individuals managing plans, with mismanagement and administration claims, but does not specify this broader insured-party list or bond distinction in the reviewed claim. Plan sponsors should check both policy schedules and secure any bond separately. 4 7
Regulatory Loss and Claims Planning
Lockton notes that voluntary-compliance losses and certain fines or penalties may be covered only when explicitly stated, and says its Professional & Executive Risk Claims team integrates insurance and claims counsel in brokerage planning. Markel’s claim describes potential defense costs, settlements and judgments but does not discuss regulatory penalties or an integrated claims team. This makes endorsement language especially important if a sponsor is evaluating HIPAA, Pension Protection Act or ACA penalties. 4 7
What to Confirm in Fiduciary Liability Insurance Quotes
- Which committees, former fiduciaries, spouses, plans and subsidiaries are insured under each schedule? 4 7
- Are voluntary-compliance losses or statutory fines covered by express endorsement, and what exclusions apply? 4 7
- Is a separate ERISA bond needed, and who coordinates claims strategy after placement? 4 7
Review Scores
These averages can combine ratings for different products, locations, and customer groups, including approximate BBB grade conversions. Read each review for the sources, scope, and calculation.
Lockton
Review Score
3 rated sources
Lockton’s reviews vary by office and entity. Local Google-derived ratings provide some service feedback, but no reliable firmwide verdict.[2][6][7][8]
Read Lockton reviewsMarkel Insurance
Review Score
2 rated sources
There is little public customer feedback on Markel. Trustpilot shows 2.5 out of 5 from just 5 reviews, and BBB lists 12 complaints closed in the last three years.[4][3]
Read Markel Insurance reviewsOffering Details
Lockton vs Markel Insurance: Fiduciary Liability Insurance: documented features by provider
| Criteria | Lockton Fiduciary Liability Insurance Brokerage | Markel fiduciary liability |
|---|---|---|
| Role in This Line | 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. 4Company-reported. Fiduciary liability product page as read 2026-09-23. | Markel lists fiduciary liability for private companies, nonprofits and individuals managing employee benefit plans. 7Company-reported. U.S. private/nonprofit product page; not a fidelity bond. |
| Issuing Insurer | The page does not name the insurers Lockton places fiduciary liability coverage with. 4Not publicly disclosed. Fiduciary liability page checked 2026-09-23. | Confirm in your quote. |
| Who It’s For | 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. 4Company-reported. Fiduciary liability product page as read 2026-09-23. | The page identifies private companies and not-for-profits and employee-plan fiduciaries as intended audiences; exact class and plan eligibility is not stated universally. 7Company-reported. Published audience description only. |
| Coverage Features | 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. 4Company-reported. Fiduciary liability product page as read 2026-09-23. General policy-structure description, not a specimen form. | Markel describes claims involving benefit-plan mismanagement, administrative errors or breach of fiduciary duty, with potential defense costs, settlements and judgments subject to policy wording. 7Company-reported. Illustrative page description; policy terms control. |
| Claims Support | 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. 4Company-reported. Fiduciary liability product page as read 2026-09-23. | Confirm in your quote. |
Full Comparison
More Lockton vs Markel Insurance Comparisons
Other Fiduciary Liability Insurance Comparisons
Sources
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.
Markel Insurance
- About us. Markel; Markel at a glance; description of Markel Insurance within Markel Group Inc. Accessed 2026-09-28.
- Markel Group Inc. 2025 Form 10-K. U.S. Securities and Exchange Commission; filed by Markel Group Inc.; Cover page; Part I, Item 1 Business—Markel Insurance, U.S. Wholesale and Specialty, Programs and Solutions; Part II, Item 7/8 for group and segment risks. Accessed 2026-09-28.
- Private and Nonprofit Management Liability Insurance. Markel; What we offer; private/nonprofit segment; D&O, EPL, fiduciary and optional coverage sections. Accessed 2026-09-29.
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. Travelers Casualty and Surety Company of America; II.D,J–L pp.2–3; II.A p.1; II.V p.5; Header p.1; II.M p.3; I p.1; III.A.6–8 pp.5–6; II.M.2 p.3; III.B.1 p.6. Accessed 2026-09-16.
- Fiduciary Liability Insurance. Travelers; What Is Fiduciary Liability Insurance? Accessed 2026-09-16.
