The article deals with the rights and obligations between the policyholder, the insured directors and officers of the policyholder and the insurer in 'Insured vs. Insured' D&O claims. Based on a case study where several directors commit wrongful acts the following questions will be examined: (1) whether or not the policyholder is entitled to directly claim damages from the insurer, (2) whether or not the policyholder violates its duties towards the insurer or the insured directors by its deliberate choice not to make claims against all insured at the same time but in different policy periods, and (3) which obligations has the policyholder towards its directors when there is not sufficient coverage to cover all claims of the policyholder against the directors.