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

Lockton brokers fiduciary coverage for employers, plans, and plan managers; Relm Insurance serves companies managing pensions, health plans, or other employee benefits through broker placement.

Lockton describes typical fiduciary grants and claims support; Relm targets startups adding benefits early and sells the line through brokers. ^1,²

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

Placing Broker Versus Coverage Sold to Brokers

Lockton places fiduciary for companies and people managing employee benefit plans. Relm markets the line for brokers to place and does not describe a direct online quote. ¹ ²

Typical Form Grants Versus ERISA Discretionary-Authority Roster

Lockton describes typical cover for benefit-law breaches, administration errors, voluntary compliance loss, and optional HIPAA, Pension Protection Act and ACA fines, and it separates fiduciary liability from a required ERISA bond. Relm says the cover protects plan sponsors, trustees, administrators, investment committees, and directors and officers with discretionary authority under ERISA, including legal fees, settlements and judgments. ¹ ²

Relm specifically calls out startups and growth-stage companies that introduce benefits early. Lockton’s page instead lists who a typical policy can insure, including spouses, estates, former-employee consultants, committees and trustees. ¹ ²

Claims Team Versus Coverage Copy Only

Lockton’s Professional & Executive Risk Claims team integrates claims counsel before a fiduciary claim. Relm’s reviewed page does not describe dedicated plan-review or risk-control services beyond the coverage description. ¹ ²

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

Ask whether Lockton would access Relm as a market or place other paper. ¹ ²
Ask Relm’s broker whether investment committees and directors with discretionary authority are insureds. ²
Ask Lockton whether statutory fines are scheduled and whether an ERISA bond is also required. ¹
Compare claims handling: Lockton’s integrated team versus whatever Relm’s placing broker provides. ¹ ²

Lockton vs Relm Insurance Fiduciary Liability Insurance Compared

Lockton vs Relm Insurance: Fiduciary Liability Insurance: documented features by provider

Criteria	Lockton Fiduciary Liability Insurance Brokerage	Relm 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.	Relm targets companies that manage employee benefit plans such as pensions or health insurance, specifically calling out startups and growth-stage companies that introduce benefits early to attract talent. ²Company-reported. Financial Lines page framing; not a guarantee of eligibility for a particular company.
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.	Relm says fiduciary liability protects plan sponsors, trustees, administrators, investment committees, and directors and officers with 'discretionary authority' under ERISA, covering legal fees, settlement and judgment costs tied to employee benefit plans. ²Company-reported. Financial Lines page general description; the issued policy and declarations control.
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.	Relm markets fiduciary liability as a coverage brokers can place for clients that manage employee benefit plans. ²Company-reported. Relm line-of-business page (Relm sells through brokers); not a statement identifying the issuing insurer for a given placement.