There has been a recent uptick in interest in using representation and warranty insurance (RWI) in secondary transactions. Before secondary market participants can realize the economic benefits RWI offers for those transactions, however, they need to understand the risks mitigated by the insurance and the types of issues typically excluded from its coverage. The mechanics of using RWI in the secondary market, and its potential future adoption, were recently addressed in a session at the Kirkland Liquidity Solutions Academy. Moderated by Kirkland & Ellis partners Michael D. Belsley and Jessica H. Sicsu, the panel featured Matthew Heinz, senior managing director of Aon Transaction Solutions; Dale Addeo, managing director of Evercore; and Anna Rozin, vice president of mergers and acquisitions insurance at AIG. This second article in a two-part series discusses current RWI pricing, as well as the scope of insurance coverage and notable items often excluded therefrom. The first article described the history and purpose of RWI; the financial benefit RWI can confer; and an overview of the timeline and process for securing coverage. For coverage of other insurance available to PE sponsors, see “How E&O and D&O Liability Insurance Can Help Fund Managers Mitigate the Consequences of Regulatory Enforcement Actions” (Jun. 2, 2016); and our two-part series “How Can Fund Managers Prepare for an SEC Investigation and Maximize the Odds of Obtaining Insurance Coverage?”: Part One (May 16, 2013); and Part Two (May 23, 2013).