Representations and warranties insurance (RWI) and other insurance products can be used by tail-end funds – e.g., continuation vehicles – to mitigate downside risk, facilitate earlier distributions and enhance overall fund outcomes, explained Morgan Lewis partner John D. Cleaver in a program on using insurance in secondaries and other tail-end fund scenarios. During the program, Cleaver, along with Christopher Le Neve Foster and Ben Prebble, managing directors at Howden Private Capital LLC, discussed key features of the secondaries market; the benefits of RWI; how RWI is used in both GP‑led and LP‑led secondaries; RWI policy selection, underwriting, terms and pricing; and insuring against unknown claims after winding up a fund. This article synthesizes the key takeaways from the program. See our two-part series on adapting RWI to secondaries: “Mechanics of the Insurance Policies and Obstacles Posed by Secondaries” (Apr. 13, 2021); and “Evolution of the Insurance Coverage to Apply to GP‑Led Restructurings” (Apr. 20, 2021).