Lockton vs 
Marsh: How Do They Compare for Fiduciary Liability Insurance?
Lockton brokers fiduciary policies for employers and benefit-plan managers and offers specialist claims support; Marsh places coverage for retirement-plan sponsors and describes typical defense costs and settlements.
Lockton describes typical benefit-law grants, plan-administration cover and optional statutory fines; Marsh FINPRO says fiduciary policies do not guarantee benefits contractually owed and provides claims advocacy. 1,2
What Are the Key Differences Between Lockton and Marsh Fiduciary Liability Insurance?
Typical Grants Versus What the Policy Will Not Guarantee
Lockton describes typical cover for benefit-law breaches, administration errors and voluntary-compliance loss, with certain statutory fines covered only when stated. Marsh says a typical policy covers defense, damages and settlements for fiduciary breaches or administration errors, but not contractual liability for benefits due. 1 2
Lockton also distinguishes fiduciary liability from a legally required ERISA bond that insures plan assets against theft under crime/fidelity cover. Marsh’s reviewed FAQs do not make that bond contrast. 1 2
Who a Typical Policy Insures
Lockton lists the organization, the plans, employees, defined subsidiaries, spouses or domestic partners, estates and heirs, past employees kept as fiduciaries or consultants, and committees and trustees. Marsh lists the sponsor organization, the benefit plans, and plan fiduciaries who are directors, officers or employees of the sponsor. MMA also lists fiduciary in executive and professional liability. 1 2 3
Pre-Claim Counsel Versus Control Flags and Advocacy
Lockton’s Professional & Executive Risk Claims team integrates insurance and claims counsel so strategy exists before a claim. Marsh says FINPRO identifies red flags in fiduciary controls, builds programs from limit assessment through carrier selection, and assigns claims advocates from the outset. 1 2
What Should You Confirm in Lockton and Marsh Fiduciary Liability Insurance Quotes?
- Ask Lockton whether HIPAA, ACA and Pension Protection Act fines are scheduled. 1
- Ask Marsh how the contractual-liability exclusion would treat unpaid benefits. 2
- Compare named insureds, including spouses, heirs and former-employee consultants Lockton lists. 1 2
- Confirm you still have any required ERISA bond. 1
- Ask whether the Marsh quote is FINPRO or MMA and which carrier each broker selected. 2 3 1
Lockton vs Marsh Fiduciary Liability Insurance Compared
Lockton vs Marsh: Fiduciary Liability Insurance: documented features by provider
| Criteria | Lockton Fiduciary Liability Insurance Brokerage | Marsh Fiduciary Liability Insurance |
|---|---|---|
| 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. 1Company-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. 2Company-reported. Fiduciary liability page, Who is covered? FAQ. |
| 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. 1Company-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. 2Company-reported. Fiduciary liability page FAQs; illustrative policy description, not a specific policy form. |
| 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. 1Company-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. 2,3Company-reported. Marsh fiduciary liability page and MMA executive and professional liability page. |
| 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. 1Company-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. 2Company-reported. Fiduciary liability page, Why Marsh section. |
