The use of insurance to protect against failure of a transaction to qualify for its intended income tax treatment has become increasingly common. The Tax practice draws upon the substantial experience of the Financial Risks practice in this area. Members of this practice have worked with both insurance companies and transaction parties to create customized tax insurance solutions for over 15 years. We are regularly engaged by insurance companies to perform due diligence on and to implement insurance programs relating to tax risks of concern to transaction parties. The Financial Risks practice also is frequently engaged to counsel clients considering the tax insurance products. Some of the situations that have lent themselves to the use of insurance include "tax-free" reorganizations and spin-offs, mergers and acquisitions, and tax credits.