Lockton vs Marsh Fiduciary Liability Insurance

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.

Marsh's FINPRO (financial and professional) practice places fiduciary liability insurance for retirement plan sponsors and fiduciaries; MMA also lists fiduciary coverage within its executive and professional liability practice. ^9,10Company-reported. Marsh fiduciary liability page and MMA executive and professional liability page.

The page does not name the insurers Lockton places fiduciary liability coverage with. ⁴Not publicly disclosed. Fiduciary liability page checked 2026-09-23.

The reviewed pages do not name a specific fiduciary liability insurer. Marsh describes its own role as advising on limit assessment and carrier selection, implying the issuing insurer depends on the placement. ⁹Not publicly disclosed. Fiduciary liability page as read on 2026-09-23.

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.

Marsh says a fiduciary liability policy typically insures the sponsor organization, the benefit plans it operates, and plan fiduciaries who are directors, officers or employees of the plan sponsor. ⁹Company-reported. Fiduciary liability page, Who is covered? FAQ.

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.

Marsh says a fiduciary liability policy typically covers defense costs, damages, judgments and settlements from a fiduciary's breach of duty or from negligence, errors or omissions in administering a benefit plan, but does not cover contractual liability, so it cannot guarantee a plan's obligation to pay benefits due. ⁹Company-reported. Fiduciary liability page FAQs; illustrative policy description, not a specific policy form.

Not described in the reviewed sources.

Marsh says its FINPRO practice helps clients identify red flags in fiduciary controls, builds fiduciary liability programs from limit assessment to carrier selection, and provides claims advocacy to help resolve claims from the outset. ⁹Company-reported. Fiduciary liability page, Why Marsh section.

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.

Marsh describes its claims advocates as helping clients resolve fiduciary liability claims from the onset, without publishing outcome statistics for this line. ⁹Company-reported. Fiduciary liability page, Why Marsh section.