CFC vs Chubb: Representations and Warranties Insurance

CFC underwrites transaction liability and offers up to $50 million per deal plus smaller Buyer Protect and Seller Protect products; Chubb underwrites R&W for buyer or seller against unknown breaches and defense costs.

Kearny Risk organizes these comparisons for firms whose advice, content or technology creates professional exposures.Research updated 2026-09-29

CFC covers more deal sizes in public: up to $50 million per transaction, $150 million excess for certain fundamental representations, and Buyer Protect and Seller Protect for deals under $20 million, placeable after closing. Chubb writes buyer- and seller-side R&W for large US and Canadian multinationals but publishes no limit or retention.

Sources reviewed

  1. 01
    Mergers & Acquisitions

    Beazley · Product overview: buyer and seller protection for inaccuracies in representations or warranties · accessed 2026-09-16

  2. 02
    Regulatory information

    CFC · CFC Underwriting Limited; CFC Lloyd's Syndicate 1988 · accessed 2026-09-23

  3. 03
    Transaction liability insurance | Representation and indemnities insurance

    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

  4. 04
    Multinational Insurance Coverage and Solutions for Large Accounts

    Chubb · Specialty Coverage list: Representations & Warranties named among specialty coverages for large US and Canadian multinational companies · accessed 2026-09-23

  5. 05
    Representations and Warranties (R&W) Insurance

    Chubb · R&W Policy Highlights; Benefits of a Buyer-Side R&W Insurance Policy; Benefits of a Seller-Side R&W Insurance Policy · accessed 2026-09-23

  6. 06
    Transactional Risk Insurance

    Coverdash · Transactional risk insurance; representations and warranties coverage; buy-side policies; tax and contingent liability products · accessed 2026-09-16

What Are the Key Differences Between CFC and Chubb Representations and Warranties Insurance?

Small-Deal Products and Published Capacity vs Large-Multinational Focus

CFC says it can underwrite up to $50 million on one transaction or up to $150 million of excess for certain fundamental representations, and it sells Buyer Protect and Seller Protect for deals under $20 million. It works with private equity firms and strategic buyers and sellers. Chubb's R&W sits in its transactional-risk suite for large US and Canadian multinationals and their brokers, with no published limit, retention or minimum deal size. Choose CFC if your deal is under $20 million or you need excess above a primary R&W policy; choose Chubb if you're a large multinational and its team already covers you. [3] [4] [5]

Cover in 24 Hours, Even After Closing vs Deal-by-Deal Negotiation

CFC says Buyer Protect can cover a buyer for up to 100% of enterprise value and can be placed within 24 hours of application, including after closing. Chubb says its policy responds above a retention for certain unintentional and unknown breaches, including defense costs, and negotiates each deal individually. If you've already signed or closed without R&W, CFC documents a way to add it. [3] [5]

Contingent Tax Included vs Auction Strategy and Seller Backstop

CFC's core policy covers representations and warranties, contingent tax and other M&A liabilities. Chubb pitches buyer-side cover as protection beyond the indemnity cap and survival period, against a seller that can't pay, and as a way to accept a shorter survival and lower cap in an auction; its seller-side cover backstops the indemnity for PE or VC funds winding down and for minority sellers. [3] [5]

What Should You Confirm in CFC and Chubb Representations and Warranties Insurance Quotes?

  • Ask CFC whether you're quoted on its main R&W policy, Buyer Protect, Seller Protect or fundamental-representation excess. [3]
  • Ask Chubb for the retention, limit and whether the form is buyer- or seller-side. [5]
  • Ask which company issues each policy: whether CFC's is a Lloyd's policy or company-issued, and which Chubb entity would issue. [3] [5]
  • Check whether your deal size falls under CFC's $20 million Protect threshold. [3]

Areas of coverage

CFC

  • role: CFC's Transaction Liability practice underwrites representations and warranties (R&W) insurance for M&A deals, available to both buyer-side and seller-side purchasers, alongside standalone small-deal products and secondary liquidity solutions. Transaction liability product page overview, describing CFC as a deal facilitator working with private equity firms and strategic buyers and sellers.company-reportedSource ↗
  • coverage: Beyond its main R&W policy, CFC sells two standalone small-deal products: Buyer Protect, described as covering a buyer for up to 100% of enterprise value, and Seller Protect, described as protecting sellers of small businesses during an M&A transaction. Both are limited to deals under $20 million. Product page descriptions and the 'Solutions' section, which caps buyer protect/seller protect at deals under $20m. The page's key-features bullets for these two products use near-identical wording about the buyer bringing a claim, so the exact difference in claims mechanics between the two products was not independently confirmable from this page alone.company-reportedSource ↗
  • coverage: The core transaction liability policy covers representations and warranties, contingent tax, and other M&A liabilities, and CFC also offers excess coverage layered on top for certain fundamental representations. Product page key features and the 'Limit & appetite' section; exact terms are set by the policy as issued.company-reportedSource ↗
  • coverage: CFC separately offers secondary liquidity solutions for private market investors acquiring, divesting, or restructuring interests in private equity, private credit, or other fund assets, through what it calls a dedicated secondaries underwriting practice. Secondary liquidity solutions section of the product page.company-reportedSource ↗
  • insurer: CFC says it underwrites transaction liability business on behalf of Lloyd's of London syndicates and insurance companies rated 'A' or better by AM Best, without naming a specific carrier for any individual deal. Limit & appetite section of the product page; the specific carrier for a given policy would appear on that policy's documents.company-reportedSource ↗
  • limits: CFC says it can underwrite up to $50 million of limit on a single transaction, or up to $150 million of excess coverage for certain fundamental representations. Limit & appetite section of the product page.company-reportedSource ↗
  • application: For the Buyer Protect and Seller Protect products, CFC says coverage can be placed within 24 hours of receiving the application form, and can be arranged after closing. Buyer protect and seller protect key features on the product page.company-reportedSource ↗
  • claims: CFC has a dedicated transaction liability claims team in its London and New York offices, says it has handled nearly 300 claims to date, and aims to send an acknowledgement within 24 hours of a claim notification. Claims section of the product page; outcome statistics are company-reported and not independently verified.company-reportedSource ↗

Chubb

  • role: Chubb underwrites representations and warranties (R&W) insurance directly, available to either buyers or sellers in an acquisition or merger transaction. R&W Insurance product page.company-reportedSource ↗
  • coverage: Chubb says the policy protects against financial losses, including defense costs, in excess of a retention, for certain unintentional and unknown breaches of the seller's representations and warranties made in the acquisition or merger agreement. R&W Insurance product page opening description and footnote.company-reportedSource ↗
  • coverage: For buyer-side policies, Chubb lists benefits including protection beyond the negotiated indemnity cap and survival limitations, protection against a seller's collectability or solvency risk, and support for distinguishing a bid in a competitive auction by requiring shorter survival periods and lower liability caps from the seller. Benefits of a Buyer-Side R&W Insurance Policy section.company-reportedSource ↗
  • coverage: For seller-side policies, Chubb says the coverage backstops negotiated indemnity obligations, which it calls a key benefit for private equity or venture capital funds at the end of their life cycle, and protects minority or passive sellers concerned about joint and several liability. Benefits of a Seller-Side R&W Insurance Policy section.company-reportedSource ↗
  • eligibility: Chubb's R&W product is part of its broader transactional risk suite serving large U.S. and Canadian multinational companies and their brokers; the reviewed pages do not state a minimum deal size for R&W specifically. Multinational large-accounts page Specialty Coverage list; R&W page does not itself state deal-size eligibility.company-reportedSource ↗
  • limits: The reviewed pages state that coverage applies in excess of a retention but do not publish specific limit, retention or premium figures; Chubb describes R&W policies as negotiated deal-by-deal. R&W Insurance product page as read on 2026-09-23.not-foundSource ↗
  • application: R&W insurance is placed through Chubb's transactional risk team working with the deal's buyer, seller and their brokers; the product page directs interested businesses to request a quote. R&W Insurance product page quote call-to-action.company-reportedSource ↗

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