This note explains how an in-house lawyer can assess a company's insurance coverage and be strategic when using insurance coverage. This note discusses the importance of historic and current insurance policies, the distinction between occurrence and claims-based policies, self-insured retentions, the duty of utmost good faith, and how to determine the extent of coverage provided. This note also addresses potential conflicts of interest which may arise between an insured and its insurer and the impact of a reservation of rights letter.