---
title: "Lockton vs USI Insurance Services Representations and Warranties Insurance"
description: "Lockton staffs RWI with former M&A lawyers and claims experts; USI folds R&W into PE document review and post-close local servicing."
canonical: "https://spot.insure/compare/lockton-vs-usi/representations-warranties"
page-type: "line-comparison"
updated-at: "2026-09-23"
---

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[Human-readable page](https://spot.insure/compare/lockton-vs-usi/representations-warranties)

# Lockton vs USI Insurance Services Representations and Warranties Insurance

Lockton staffs RWI with former M&A lawyers and claims experts; USI folds R&W into PE document review and post-close local servicing.

## Research Scope and Use

Use this comparison to evaluate Lockton and USI Insurance Services for Representations and Warranties 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’s RWI Practice uses a Partner/Associate model of former M&A lawyers and dedicated claims experts after bind. USI lists R&W solutions for uninsured risk inside a Private Equity practice that reviews the offering memorandum and purchase agreement and services the target’s insurance and benefits after close. [4](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") [8](https://www.usi.com/property-casualty/private-equity "Private Equity")

## 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 USI Insurance Services?

USI Insurance Services is a U.S. insurance brokerage and consulting firm that arranges property and casualty, employee benefits, personal risk, and retirement programs. Its Technology practice says it works with software, hardware, and related companies from early seed stage through IPO, using a consultative process rather than a published self-serve quote. [5](https://www.usi.com/about-usi "The Power of ONE") [6](https://www.usi.com/property-casualty/technology/ "Technology Insurance") [7](https://www.usi.com/commissions-fees/ "Commissions and Fees")

[USI Insurance Services profile](https://spot.insure/insurance-providers/usi)

## What Is Representations and Warranties Insurance?

Representations and warranties insurance addresses financial loss from inaccuracies in the representations or warranties made in a stock or asset purchase agreement. It doesn't cover issues already known before signing, disputes over the purchase price, or every statement made during diligence. [9](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance") [10](https://www.beazley.com/en-us/products/executive-risk-usa/mergers-acquisitions "Mergers & Acquisitions")

## Key Differences in Representations and Warranties Insurance

### Dedicated RWI Practice Versus Private-Equity Catalogue

Lockton and USI both broker R&W. Lockton maintains an RWI Practice staffed with former M&A lawyers and transaction advisors on a Partner/Associate model with 24/7 coverage. USI lists R&W solutions for uninsured risk among several Private Equity offerings, without describing a dedicated RWI lawyer staffing model on the reviewed page. [4](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") [8](https://www.usi.com/property-casualty/private-equity "Private Equity")

### Escrow Replacement Versus Document Review

Lockton describes RWI as a policy used to replace or bolster a seller indemnity or escrow, with distinct seller and buyer benefit lists. USI places R&W in the context of reviewing the offering memorandum and purchase-and-sale agreement to identify pre-closing liabilities, and markets the practice to private equity buyers and sellers working with financial or strategic buyers. [4](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") [8](https://www.usi.com/property-casualty/private-equity "Private Equity")

### Claims After Bind Versus Servicing After Close

Lockton says dedicated transaction-liability claims experts remain involved after a policy is bound and cites having helped clients settle hundreds of millions of dollars of RWI claims. USI says it maintains a local service team overseeing the target company’s insurance and benefits programs after close, alongside benchmarking and total-cost-of-risk analysis, and directs inquiries to its published private-equity inquiry address or a local office. Neither page names the issuing insurer. [4](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") [8](https://www.usi.com/property-casualty/private-equity "Private Equity")

## What to Confirm in Representations and Warranties Insurance Quotes

- Ask Lockton how escrow replacement is structured and who the claims expert will be. [4](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA")
- Ask USI how the offering-memorandum review becomes the R&W underwriting file. [8](https://www.usi.com/property-casualty/private-equity "Private Equity")
- Confirm whether USI’s post-close local servicing includes the R&W policy or only the target’s ongoing programs. [8](https://www.usi.com/property-casualty/private-equity "Private Equity")
- Get the carrier, limit and retention from both quotes. [4](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") [8](https://www.usi.com/property-casualty/private-equity "Private Equity")

## Offering Details

| Criteria | Lockton Representations & Warranties Insurance (RWI) | USI Private Equity Practice — Representations and Warranties Insurance |
| --- | --- | --- |
| Role in This Line | Lockton's RWI Practice is staffed with former M&A lawyers and transaction advisors who Lockton says use a Partner/Associate model on every deal to provide 24/7 coverage; Lockton places RWI policies rather than underwriting them. [4](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") (Evidence: Company-reported; scope: RWI product page as read 2026-09-23..) | USI brokers representations and warranties (R&W) insurance as part of its Private Equity practice's deal-support services; it does not underwrite the policy itself. [8](https://www.usi.com/property-casualty/private-equity "Private Equity") (Evidence: Company-reported; scope: Private Equity practice page..) |
| Issuing Insurer | The RWI page does not name the insurers underwriting the representations and warranties policies Lockton places. [4](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") (Evidence: Not publicly disclosed; scope: RWI page checked 2026-09-23..) | The Private Equity page does not name the insurer USI uses for R&W placements. [8](https://www.usi.com/property-casualty/private-equity "Private Equity") (Evidence: Not publicly disclosed; scope: Page as read on 2026-09-23..) |
| Who It’s For | Lockton frames RWI benefits separately for sellers (faster access to sale proceeds, reduced post-closing exposure, avoiding a guarantee) and buyers (broader protection, faster negotiation, avoiding conflicts in deals with meaningful seller participation), meaning both sides of an M&A transaction are the intended buyers of the product. [4](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") (Evidence: Company-reported; scope: RWI product page as read 2026-09-23..) | USI markets this practice to private equity buyers and sellers working with financial or strategic buyers throughout a merger or acquisition process, not to a general commercial buyer outside a deal context. [8](https://www.usi.com/property-casualty/private-equity "Private Equity") (Evidence: Company-reported; scope: Company description of the practice's audience..) |
| Coverage Features | Lockton describes RWI as a policy used to replace or bolster a seller indemnity or escrow in an M&A transaction, under which an insurer indemnifies the buyer for losses from an unknown breach of a representation or warranty in the deal agreement. [4](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") (Evidence: Company-reported; scope: RWI product page as read 2026-09-23. General description of how the product functions, not a specimen policy..) | USI lists "Representations and Warranties Insurance Solutions for Uninsured Risk" among its Private Equity practice's offerings, in the context of reviewing the offering memorandum and purchase-and-sale agreement to identify pre-closing liabilities. [8](https://www.usi.com/property-casualty/private-equity "Private Equity") (Evidence: Company-reported; scope: Single catalogue line on the practice page; actual insuring agreements, exclusions and the underwriting review process are set by the R&W insurer and the deal's own diligence..) |
| Limits and Retentions | Not described in the reviewed sources. | The page does not publish limit or retention figures for R&W placements. [8](https://www.usi.com/property-casualty/private-equity "Private Equity") (Evidence: Not publicly disclosed; scope: Page as read on 2026-09-23..) |
| Risk Services | Not described in the reviewed sources. | USI says it reviews the offering memorandum and purchase-and-sale agreement to flag red flags, helps define pre-closing liabilities, and maintains a local service team overseeing the target company's insurance and benefits programs after close, alongside benchmarking and total-cost-of-risk analysis. [8](https://www.usi.com/property-casualty/private-equity "Private Equity") (Evidence: Company-reported; scope: Company description of the deal-support process; R&W insurance is one of several services listed alongside these..) |
| How to Apply | Not described in the reviewed sources. | USI directs private equity and M&A inquiries to pcinquiries@usi.com or a local USI office. [8](https://www.usi.com/property-casualty/private-equity "Private Equity") (Evidence: Company-reported; scope: Contact instructions on the Private Equity practice page..) |
| Claims Support | Lockton says it provides dedicated transaction liability claims experts after a policy is bound, and cites having helped clients settle hundreds of millions of dollars of RWI claims to date. [4](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") (Evidence: Company-reported; scope: RWI product page as read 2026-09-23. Aggregate claims-settlement figure is company-reported and not independently verified..) | Not described in the reviewed sources. |

## Full Comparison

- [Lockton vs USI Insurance Services](https://spot.insure/compare/lockton-vs-usi): all coverage lines, business roles, service and claims.
- [What Is Representations and Warranties Insurance?](https://spot.insure/coverage/representations-warranties): Representations and warranties insurance addresses financial loss from inaccurate statements in a business purchase agreement.
- [Lockton vs USI Insurance Services Commercial Property Insurance](https://spot.insure/compare/lockton-vs-usi/commercial-property)
- [Lockton vs USI Insurance Services Crime Insurance](https://spot.insure/compare/lockton-vs-usi/crime)
- [Lockton vs USI Insurance Services Cyber Insurance](https://spot.insure/compare/lockton-vs-usi/cyber)
- [Lockton vs USI Insurance Services D&O Insurance](https://spot.insure/compare/lockton-vs-usi/directors-officers)
- [Lockton vs USI Insurance Services Employee Health Benefits](https://spot.insure/compare/lockton-vs-usi/employee-health-benefits)
- [Lockton vs USI Insurance Services Employment Practices Liability Insurance](https://spot.insure/compare/lockton-vs-usi/employment-practices)
- [Lockton vs USI Insurance Services Fiduciary Liability Insurance](https://spot.insure/compare/lockton-vs-usi/fiduciary)
- [Lockton vs USI Insurance Services Surety Bonds](https://spot.insure/compare/lockton-vs-usi/surety-bonds)
- [Lockton vs USI Insurance Services Workers’ Compensation Insurance](https://spot.insure/compare/lockton-vs-usi/workers-compensation)
- [Beazley vs Lockton Representations and Warranties Insurance](https://spot.insure/compare/beazley-vs-lockton/representations-warranties)
- [Beazley vs USI Insurance Services Representations and Warranties Insurance](https://spot.insure/compare/beazley-vs-usi/representations-warranties)
- [CFC vs Lockton Representations and Warranties Insurance](https://spot.insure/compare/cfc-vs-lockton/representations-warranties)
- [CFC vs USI Insurance Services Representations and Warranties Insurance](https://spot.insure/compare/cfc-vs-usi/representations-warranties)
- [Chubb vs Lockton Representations and Warranties Insurance](https://spot.insure/compare/chubb-vs-lockton/representations-warranties)
- [Chubb vs USI Insurance Services Representations and Warranties Insurance](https://spot.insure/compare/chubb-vs-usi/representations-warranties)

## 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. [Representations & Warranties Insurance | Lockton USA](https://global.lockton.com/us/en/products-services/representation-warranties-insurance). Lockton; The Certain Solution for Transactional Risk; Why clients consider RWI versus traditional indemnity; Seller/Buyer benefits; Claims. Accessed 2026-09-23.

### USI Insurance Services

5. [The Power of ONE](https://www.usi.com/about-usi). USI Insurance Services; History, client-count, nationwide office, and P&C / benefits / personal risk / retirement description. Accessed 2026-09-16.
6. [Technology Insurance](https://www.usi.com/property-casualty/technology/). USI Insurance Services; Technology practice client types, seed-to-IPO range, and listed insurance placement lines including PrivaSafe. Accessed 2026-09-16.
7. [Commissions and Fees](https://www.usi.com/commissions-fees/). USI Insurance Services; Licensed-producer authority, insurer-paid commission default, contingent compensation, and client request right. Accessed 2026-09-16.
8. [Private Equity](https://www.usi.com/property-casualty/private-equity). USI Insurance Services; Optimizing Risk from Letter of Intent to Exit; As part of our thorough insurance due diligence, we carefully review the offering memorandum and the purchase-and-sale agreement...; USI's Private Equity Practice offers comprehensive solutions and services, including:...Representations and Warranties Insurance Solutions for Uninsured Risk.... Accessed 2026-09-23.

### Representations and Warranties Insurance Guide

9. [Transaction liability insurance | Representation and indemnities insurance](https://www.cfc.com/en-us/products/class/transaction-liability/). CFC; What are representations and warranties?; Who should buy representation and warranty insurance?; Available to buyers & sellers; Limited seller security; Is transaction liability insurance available to sellers. Accessed 2026-09-16.
10. [Mergers & Acquisitions](https://www.beazley.com/en-us/products/executive-risk-usa/mergers-acquisitions). Beazley; Product overview: buyer and seller protection for inaccuracies in representations or warranties. 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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