All public pension plans need a well-crafted fiduciary liability insurance policy. This should include ample coverage, including protection against the risk of impending litigation. The recent ruling by the U.S. Court of Appeals for the Ninth Circuit in favor of the San Joaquin County Employees’ Retirement Association (“SJCERA”) in its case against Travelers Casualty and Surety Company of America (“Travelers”) highlights the importance of understanding what to include in your insurance policy. The court found that Travelers had been in breach of contract and granted declaratory relief arising out of Travelers' denial of coverage under the duty-to-defend clause in SJCERA’s fiduciary liability insurance policy. In this episode of Public Pensions & Investments Briefings, Ashley Dunning and Jim Vorhis review this significant decision and explore what lessons may be drawn from that litigation as public retirement systems consider how to get the most out of their fiduciary liability and other insurance policies going forward.