Lockton vs 
Travelers: How Do They Compare for Fiduciary Liability Insurance?
Lockton brokers fiduciary coverage for organizations and plan managers, with specialist claims support; Travelers underwrites the line within Management & Professional Liability and sells it through independent agents.
Lockton describes benefit-law, administration and voluntary-compliance grants; Travelers details ERISA personal-liability protection and sells through independent agents. 1,2
What Are the Key Differences Between Lockton and Travelers Fiduciary Liability Insurance?
Placement Versus Named Issuer
Lockton places fiduciary policies and describes typical terms. Travelers sells fiduciary within Management & Professional Liability, standalone or with other management coverages, through independent agents. 1 2
Typical Grants Versus ERISA Personal-Liability Copy
Lockton describes typical cover for benefit-law breaches, administration errors, voluntary compliance loss and optional statutory fines, and distinguishes fiduciary liability from a legally required ERISA bond. Travelers describes protection from mismanagement claims and personal liability for ERISA breach of fiduciary duty, including litigation costs and plan-administration errors. 1 2
Lockton lists possible insureds such as spouses, estates, former-employee consultants, committees and trustees. Travelers markets the product to financial institutions, nonprofits, private companies and public companies. 1 2
Claims Team Versus Independent Agent
Lockton’s Professional & Executive Risk Claims team integrates counsel before a claim. Travelers coverage is bought through a Travelers independent agent. Travelers cites industry claim-cost examples as context, not as policy limits; Lockton’s reviewed page does not publish limits. 1 2
What Should You Confirm in Lockton and Travelers Fiduciary Liability Insurance Quotes?
- Ask whether Lockton is placing Travelers paper or another market. 1 2
- Confirm the Travelers issuing company on the declarations. 2
- Ask Lockton whether HIPAA, ACA or Pension Protection Act fines are scheduled and whether an ERISA bond is also in force. 1
- Compare individual ERISA personal liability on the Travelers form with Lockton’s typical insured roster. 1 2
Lockton vs Travelers Fiduciary Liability Insurance Compared
Lockton vs Travelers: Fiduciary Liability Insurance: documented features by provider
| Criteria | Lockton Fiduciary Liability Insurance Brokerage | Travelers 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. | Travelers markets fiduciary liability coverage to financial institutions, nonprofit organizations, private companies and public companies. 2Company-reported. Product page "Who is fiduciary liability insurance right for?" section. |
| 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. | Travelers says fiduciary liability coverage protects companies and individuals who manage a company-sponsored retirement or health plan from claims of mismanagement and personal liability for breach of fiduciary duty under ERISA, including litigation costs and errors or omissions in plan administration. 2Company-reported. Product page "What Is Fiduciary Liability Insurance?" and "What does fiduciary liability insurance cover?" sections; exact terms and exclusions are set by the issued policy. |
| 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. | Travelers underwrites fiduciary liability insurance as part of its Management & Professional Liability line, sold standalone or alongside other management liability coverages. 2Company-reported. Product page general framing; confirmed against the broader Management and Professional Liability Insurance page. |
