Heffernan vs Lockton: Representations and Warranties Insurance

Heffernan Insurance Brokers groups R&W with contingent liability, environmental, tax and litigation-buyout coverage; Lockton staffs its RWI practice with former M&A lawyers and offers dedicated claims experts after binding.

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

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

Wider Deal-Risk Menu vs Claims Strength After Closing

Both are brokers and neither names insurers. Heffernan's Private Equity and M&A practice groups RWI with contingent liability, environmental liability, tax liability and litigation-buyout cover, and adds pre-close due diligence, group purchasing across its private-equity clients and insurance planning for the company after closing. Lockton staffs RWI with former M&A lawyers and transaction advisors on a Partner/Associate model with 24/7 coverage, and keeps dedicated transaction-liability claims experts on your deal after binding; it says it has helped clients settle hundreds of millions of dollars of RWI claims. Choose Heffernan if your deal carries environmental or tax exposure or you're a PE firm wanting ongoing portfolio service; choose Lockton if collecting on a breach claim is your main worry. [4] [5]

Escrow Replacement Benefits for Buyers and Sellers

Lockton frames RWI as a way to replace or bolster seller indemnity or escrow. For sellers, that means faster access to proceeds and less exposure after closing; for buyers, broader protection and faster negotiation. Heffernan doesn't describe escrow effects, and Lockton's RWI page doesn't list environmental cover. [4] [5]

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

  • Ask Heffernan whether environmental or tax liability cover is quoted with RWI, and whether post-close planning is included. [4]
  • Ask Lockton how escrow replacement is structured and who your post-bind claims expert will be. [5]
  • If you're on a tight signing timeline, ask Heffernan how quickly its practice responds, compared with Lockton's 24/7 coverage. [4] [5]
  • Get limits and the issuing insurer from both quotes. [4] [5]

Areas of coverage

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 ↗

Lockton

  • role: 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. RWI product page as read 2026-09-23.company-reportedSource ↗
  • coverage: 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. RWI product page as read 2026-09-23. General description of how the product functions, not a specimen policy.company-reportedSource ↗
  • eligibility: 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. RWI product page as read 2026-09-23.company-reportedSource ↗
  • claims: 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. RWI product page as read 2026-09-23. Aggregate claims-settlement figure is company-reported and not independently verified.company-reportedSource ↗
  • insurer: The RWI page does not name the insurers underwriting the representations and warranties policies Lockton places. RWI page checked 2026-09-23.not-disclosedSource ↗

Heffernan places R&W alongside environmental, tax, contingent and litigation-buyout cover and plans the acquired company's insurance after closing; Lockton's team of former M&A lawyers places RWI with 24/7 deal coverage, and its claims experts say they've helped clients settle hundreds of millions of dollars in RWI claims.

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
    Transactional Risk Insurance

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

  4. 04
    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

  5. 05
    Representations & Warranties Insurance | Lockton USA

    Lockton · The Certain Solution for Transactional Risk; Why clients consider RWI versus traditional indemnity; Seller/Buyer benefits; Claims · accessed 2026-09-23

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