The landscape of potential liabilities for directors and officers is changing almost as quickly as the climate.  Novel or rapidly changing risk scenarios include suits stemming from a company’s conduct during the pandemic, liabilities arising out of environmental, social and corporate governance (ESG) issues, and a rising tide of litigation aimed at SPACs.  This session will examine the changing liabilities, the potential for D&O insurance to respond, and insurers’ likely attempted defenses against coverage – e.g., bodily injury exclusions in pandemic-related claims, or disjuncts between claims and coverage in entities that exist before and after a SPAC transaction.  Most importantly, we will outline policyholder responses to insurers’ likely overbroad deployment of such defenses.