Chubb vs Heffernan: Representations and Warranties Insurance

Chubb underwrites buyer- or seller-side policies covering certain unknown breaches; Heffernan Insurance Brokers arranges R&W for private-equity and strategic M&A clients and offers diligence and post-close planning.

Kearny Risk organizes these comparisons for firms whose advice, content or technology creates professional exposures.Research updated 2026-09-25

Areas of coverage

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  • limits: The reviewed pages state that coverage applies in excess of a retention but do not publish specific limit, retention or premium figures; Chubb describes R&W policies as negotiated deal-by-deal.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 ↗

Heffernan Insurance Brokers

  • role: Heffernan's Private Equity and M&A (HIB) Practice arranges representation and warranty (RWI) insurance for deal buyers and sellers as part of a broader transactional-risk brokerage, rather than underwriting the coverage itself. Private Equity and M&A page as read on 2026-09-23.company-reportedSource ↗
  • eligibility: Heffernan markets this practice to private equity firms and strategic investors doing mergers and acquisitions, covering both enterprise-level and transactional liability needs. Private Equity and M&A page as read on 2026-09-23.company-reportedSource ↗
  • coverage: Heffernan says RWI safeguards a buyer and seller's agreed understanding of a deal, and groups it under 'Transactional Risk Mitigation' alongside contingent liability, environmental liability, tax liability, and litigation-buyout coverage. Private Equity and M&A page as read on 2026-09-23; the page does not describe RWI's specific insuring agreement, exclusions, retention structure, or limits.company-reportedSource ↗
  • services: Heffernan describes pre-close due diligence (a detailed review, benchmarking and a search for hidden liabilities), group purchasing across its private-equity clients, and insurance planning for the company after closing. Private Equity and M&A page as read on 2026-09-23.company-reportedSource ↗
  • limits: The reviewed page does not publish limits, retention levels, or premium ranges for representation and warranty policies. Private Equity and M&A page as read on 2026-09-23.not-disclosedSource ↗
  • application: Heffernan invites private equity and M&A clients to contact the practice directly; the page does not describe a self-service quote or online application path. Private Equity and M&A page as read on 2026-09-23.company-reportedSource ↗

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

Insurer Direct vs a Private-Equity Broker

Chubb underwrites R&W for buyers or sellers, including large US and Canadian multinationals, and you request a quote through its transactional-risk team. Heffernan's private equity and M&A practice brokers RWI for private equity firms and strategic investors and does not underwrite. Choose Chubb if you want to deal with the insurer directly on one deal; choose Heffernan if you are a PE firm doing repeat deals and want a broker handling diligence, group buying and related transaction covers. [4] [3] [6]

Clear Breach Wording vs a Menu of Deal Covers

Chubb says its policy pays financial losses, including defense costs, above a retention for unintentional and unknown breaches of the seller's representations. Heffernan does not describe retention or defense-cost terms, but pairs RWI with contingent liability, environmental, tax and litigation-buyout cover. [4] [6]

Diligence and After-Close Help at Heffernan

Heffernan offers pre-close due diligence (review, benchmarking and a search for hidden liabilities), group purchasing across its PE clients, and insurance planning after closing. Chubb's R&W page describes none of these. [6] [4]

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

  • Ask Heffernan which insurer would issue your RWI, and whether Chubb is one of them. [6] [4]
  • Ask whether defense costs sit inside or outside the limit. [4]
  • Decide whether you also need tax, environmental, contingent or litigation-buyout cover. [6]
  • Get the retention and limit in writing; neither publishes them. [4] [6]

Chubb writes R&W itself, paying losses and defense costs from unknown, unintentional seller breaches above a retention; Heffernan is a broker for private equity firms and strategic buyers that adds pre-close diligence, group purchasing, and tax, environmental and contingent-liability cover.

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
    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

  3. 03
    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

  4. 04
    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

  5. 05
    Transactional Risk Insurance

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

  6. 06
    Private Equity and M&A

    Heffernan Insurance Brokers · Reps & Warranties Insurance; Heffernan Insurance Brokers (HIB) Private Equity and M&A Practice; Key Merger and Acquisition Insurance Services: Pre-Close Due Diligence, Insurance Placement Hub, Post-Close Insurance Strategies; Transactional Risk Mitigation to Contain Any Threats: RWI, Contingent Liability, Environmental Liability, Tax Liability, Litigation Buyout; Other Related Services: General Partnership Liability (GPL), Professional Liability/E&O, Key person insurance · accessed 2026-09-23

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