---
title: "Lockton vs Relm Insurance Fiduciary Liability Insurance"
description: "Lockton places fiduciary with typical grants and a dedicated claims team; Relm sells the line through brokers to startups adding benefit plans."
canonical: "https://spot.insure/compare/lockton-vs-relm/fiduciary"
page-type: "line-comparison"
updated-at: "2026-09-23"
---

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# Lockton vs Relm Insurance Fiduciary Liability Insurance

Lockton places fiduciary with typical grants and a dedicated claims team; Relm sells the line through brokers to startups adding benefit plans.

## Research Scope and Use

Use this comparison to evaluate Lockton and Relm Insurance for Fiduciary Liability Insurance against the same documented criteria. It identifies differences and questions to confirm; it does not select a winner for a particular business. Offering claims are what each provider publishes about this line unless marked otherwise. “Not found” describes the evidence reviewed, not proof that a feature is unavailable. Confirm the insurer, policy wording, limits, retentions, exclusions and cost in an actual quote.

## Summary

Lockton brokers fiduciary liability, describing typical grants, who can be insured, and a Professional & Executive Risk Claims team. Relm markets the same coverage for other brokers to place, aiming at startups and growth-stage companies that add pensions or health insurance early. [4](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") [7](https://relminsurance.com/lines-of-business/financial-lines-insurance/ "Financial Lines Insurance")

## What Is Lockton?

Lockton is a privately held insurance brokerage that arranges commercial risk, employee benefits and retirement programs. US pages describe a technology practice and intermediary placement with insurers, not Lockton as the policy’s insurer. [1](https://global.lockton.com/us/en "Lockton United States") [2](https://global.lockton.com/us/en/technology "Technology") [3](https://global.lockton.com/us/en/terms-of-business "US Terms of Business")

[Lockton profile](https://spot.insure/insurance-providers/lockton)

## What Is Relm Insurance?

Relm is a specialty insurance business serving emerging industries. Its AI range distinguishes developer liability, gaps in existing liability insurance and losses from third-party AI failures. [5](https://relminsurance.com/relm-launches-us-mga/ "Relm Launches US MGA") [6](https://relminsurance.com/relm-insurance-launches-ai-suite/ "Relm Launches AI Liability Solutions")

[Relm Insurance profile](https://spot.insure/insurance-providers/relm)

## What Is Fiduciary Liability Insurance?

Fiduciary liability insurance addresses covered claims alleging breaches of duties in managing employee benefit plans. [8](https://www.dol.gov/sites/dolgov/files/ebsa/employers-and-advisers/guidance/field-assistance-bulletins/erisa-fidelity-bonding-requirements.pdf "Field Assistance Bulletin No. 2008-04: Guidance Regarding ERISA Fidelity Bonding Requirements") [9](https://www.travelers.com/business-insurance/professional-liability-insurance/fiduciary-liability "Fiduciary Liability Insurance")

## Key Differences in Fiduciary Liability Insurance

### Placing Broker Versus Coverage Sold to Brokers

Lockton places fiduciary liability for companies and people who manage employee benefit plans. Relm markets fiduciary liability as a line brokers can place and does not describe a direct online quote. [4](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") [7](https://relminsurance.com/lines-of-business/financial-lines-insurance/ "Financial Lines Insurance")

Lockton and Relm both leave the writing company off the pages reviewed for this line. [4](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") [7](https://relminsurance.com/lines-of-business/financial-lines-insurance/ "Financial Lines Insurance")

### 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. [4](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") [7](https://relminsurance.com/lines-of-business/financial-lines-insurance/ "Financial Lines Insurance")

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. [4](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") [7](https://relminsurance.com/lines-of-business/financial-lines-insurance/ "Financial Lines Insurance")

### 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. [4](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") [7](https://relminsurance.com/lines-of-business/financial-lines-insurance/ "Financial Lines Insurance")

## What to Confirm in Fiduciary Liability Insurance Quotes

- Ask whether Lockton would access Relm as a market or place other paper. [4](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") [7](https://relminsurance.com/lines-of-business/financial-lines-insurance/ "Financial Lines Insurance")
- Ask Relm’s broker whether investment committees and directors with discretionary authority are insureds. [7](https://relminsurance.com/lines-of-business/financial-lines-insurance/ "Financial Lines Insurance")
- Ask Lockton whether statutory fines are scheduled and whether an ERISA bond is also required. [4](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance")
- Compare claims handling: Lockton’s integrated team versus whatever Relm’s placing broker provides. [4](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") [7](https://relminsurance.com/lines-of-business/financial-lines-insurance/ "Financial Lines Insurance")

## Offering Details

| Criteria | Lockton Fiduciary Liability Insurance Brokerage | Relm Fiduciary Liability Insurance |
| --- | --- | --- |
| 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. [4](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") (Evidence: Company-reported; scope: 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. [7](https://relminsurance.com/lines-of-business/financial-lines-insurance/ "Financial Lines Insurance") (Evidence: Company-reported; scope: Relm line-of-business page (Relm sells through brokers); not a statement identifying the issuing insurer for a given placement..) |
| Issuing Insurer | The page does not name the insurers Lockton places fiduciary liability coverage with. [4](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") (Evidence: Not publicly disclosed; scope: Fiduciary liability page checked 2026-09-23..) | The reviewed page does not name a specific issuing insurer for fiduciary liability placements. [7](https://relminsurance.com/lines-of-business/financial-lines-insurance/ "Financial Lines Insurance") (Evidence: Not publicly disclosed; scope: Line-of-business page as read on 2026-09-23; a specific placement's insurer is product- and jurisdiction-specific..) |
| 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. [4](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") (Evidence: Company-reported; scope: 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. [7](https://relminsurance.com/lines-of-business/financial-lines-insurance/ "Financial Lines Insurance") (Evidence: Company-reported; scope: 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. [4](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") (Evidence: Company-reported; scope: 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. [7](https://relminsurance.com/lines-of-business/financial-lines-insurance/ "Financial Lines Insurance") (Evidence: Company-reported; scope: Financial Lines page general description; the issued policy and declarations control..) |
| Risk Services | Not described in the reviewed sources. | The reviewed fiduciary liability page does not describe dedicated plan-administration review or risk-control services beyond the general coverage description. [7](https://relminsurance.com/lines-of-business/financial-lines-insurance/ "Financial Lines Insurance") (Evidence: Not found in reviewed sources; scope: Financial Lines page as read on 2026-09-23..) |
| How to Apply | Not described in the reviewed sources. | Relm sells fiduciary liability coverage through insurance brokers; its reviewed pages do not describe a direct online quote. [7](https://relminsurance.com/lines-of-business/financial-lines-insurance/ "Financial Lines Insurance") (Evidence: Company-reported; scope: Financial Lines page framing; consistent with Relm's broader broker-distribution model..) |
| 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. [4](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") (Evidence: Company-reported; scope: Fiduciary liability product page as read 2026-09-23..) | Not described in the reviewed sources. |

## Full Comparison

- [Lockton vs Relm Insurance](https://spot.insure/compare/lockton-vs-relm): all coverage lines, business roles, service and claims.
- [What Is Fiduciary Liability Insurance?](https://spot.insure/coverage/fiduciary): Fiduciary liability insurance can help with covered claims alleging that your business or its people breached duties in managing an employee benefit plan.
- [Lockton vs Relm Insurance Commercial Property Insurance](https://spot.insure/compare/lockton-vs-relm/commercial-property)
- [Lockton vs Relm Insurance Crime Insurance](https://spot.insure/compare/lockton-vs-relm/crime)
- [Lockton vs Relm Insurance Cyber Insurance](https://spot.insure/compare/lockton-vs-relm/cyber)
- [Lockton vs Relm Insurance D&O Insurance](https://spot.insure/compare/lockton-vs-relm/directors-officers)
- [Lockton vs Relm Insurance Employment Practices Liability Insurance](https://spot.insure/compare/lockton-vs-relm/employment-practices)
- [Lockton vs Relm Insurance General Liability Insurance](https://spot.insure/compare/lockton-vs-relm/general-liability)
- [Lockton vs Relm Insurance Product Liability Insurance](https://spot.insure/compare/lockton-vs-relm/product-liability)
- [Alliance Risk vs Lockton Fiduciary Liability Insurance](https://spot.insure/compare/alliance-risk-vs-lockton/fiduciary)
- [Alliance Risk vs Relm Insurance Fiduciary Liability Insurance](https://spot.insure/compare/alliance-risk-vs-relm/fiduciary)
- [Beazley vs Lockton Fiduciary Liability Insurance](https://spot.insure/compare/beazley-vs-lockton/fiduciary)
- [Beazley vs Relm Insurance Fiduciary Liability Insurance](https://spot.insure/compare/beazley-vs-relm/fiduciary)
- [Chubb vs Lockton Fiduciary Liability Insurance](https://spot.insure/compare/chubb-vs-lockton/fiduciary)
- [Chubb vs Relm Insurance Fiduciary Liability Insurance](https://spot.insure/compare/chubb-vs-relm/fiduciary)

## Sources

### Lockton

1. [Lockton United States](https://global.lockton.com/us/en). Lockton; Opening description of independent insurance brokerage for risk, benefits and retirement; Ask an Expert link to contact-us. Accessed 2026-09-16.
2. [Technology](https://global.lockton.com/us/en/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.
3. [US Terms of Business](https://global.lockton.com/us/en/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.
4. [Fiduciary Liability Insurance](https://global.lockton.com/us/en/products-services/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.

### Relm Insurance

5. [Relm Launches US MGA](https://relminsurance.com/relm-launches-us-mga/). Relm Insurance; Opening paragraphs describing US MGA and distribution partners. Accessed 2026-09-16.
6. [Relm Launches AI Liability Solutions](https://relminsurance.com/relm-insurance-launches-ai-suite/). Relm Insurance; NOVAAI, PONTAAI and RESCAAI: Applicable Users and Coverage Highlights. Accessed 2026-09-16.
7. [Financial Lines Insurance](https://relminsurance.com/lines-of-business/financial-lines-insurance/). Relm Insurance; Fiduciary Liability Insurance: What Is Fiduciary Liability Insurance?; Make Sure Benefits Don't Backfire; What Does Fiduciary Insurance Cover?. Accessed 2026-09-23.

### Fiduciary Liability Insurance Guide

8. [Field Assistance Bulletin No. 2008-04: Guidance Regarding ERISA Fidelity Bonding Requirements](https://www.dol.gov/sites/dolgov/files/ebsa/employers-and-advisers/guidance/field-assistance-bulletins/erisa-fidelity-bonding-requirements.pdf). U.S. Department of Labor, Employee Benefits Security Administration; Q2 pp.2–3. Accessed 2026-09-16.
9. [Fiduciary Liability Insurance](https://www.travelers.com/business-insurance/professional-liability-insurance/fiduciary-liability). Travelers; What Is Fiduciary Liability Insurance?. Accessed 2026-09-16.

Updated 2026-09-23. Spot, a product of Tools for Enlightenment, publishes this research and works in the commercial insurance market. The comparison applies the same criteria to both providers. [Editorial policy](https://spot.insure/editorial-policy). To suggest a correction, [contact Spot](https://spot.insure/contact) with the page URL and supporting source.

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