A pardon. Rudy Giuliani has called it an "insurance policy." He could just as easily have called it an "escape hatch." Maybe, "a magic bullet." His detractors might call it "extortion."

After all, Giuliani deliberately and promiscuously uses the phrase to remind the president, who might otherwise be prone to throw him over the cliff as a scapegoat—although, the term "under the bus" is probably more in vogue—of reality. That is, if he faces jail, Giuliani would gladly use the president's impeachable and possibly criminal instructions to him (as his private lawyer) to leverage an immunity deal for himself. Perhaps the kind of deal that's never been seen before, given the stakes.

Who better than the president's attack dog could possess exactly what the House Democrats and Southern District of New York prosecutors would want—assuming the latter can pry themselves loose from Attorney General Barr's ever-protective hands? That is, the goods needed to pull the trigger against the president. Simply put, Giuliani is saying as loudly as he can: "Try to drop me without a pardon if I need it, and just imagine the consequences." He's basically saying it on Fox News, knowing precisely who's watching, 24/7. The president surely knows exactly who he's dealing with.

To begin, whatever executive privilege the president might assert regarding his conversations with McGahn, Bolton, Pompeo and Mulvaney does not apply to those with "America's Mayor." Giuliani has not been a government employee in dealing with Trump, and executive privilege can't be asserted. He's been the president's private lawyer only.

So, you say, the president can assert the attorney-client privilege. But consider this: Congress actually doesn't recognize the attorney-client privilege. Sounds strange, but it's true. Should Giuliani decide to talk directly to Congress under its grant of immunity, the president presumably won't be able to stop Giuliani from testifying if he wants to—even if he couldn't testify in a courtroom about his conversations with the president.

There's more though. If prosecutors want to make a deal with Giuliani and can establish, independent of Giuliani's proffer to them, that, although it is far from clear, Trump's conversations with Giuliani furthered criminal activity ("crime-fraud"), Giuliani can be directed by a federal court to testify, even over the president's objection. Trump should think about that!

Yes, of course, prosecutors may have concluded that Giuliani has engaged in criminal conduct in Ukraine or Russia totally independent of being the president's lawyer. Accordingly, they might be unwilling to give the courthouse away in a straight out immunity deal that would leave Giuliani completely in the clear.

So, in that case, Giuliani might do what Lev Parnas's lawyer has been skillfully doing—teasing the public and the House Democrats daily with what he can provide them and/or the Southern District prosecutors. Do you think that Giuliani—who knows the game better than anyone and can get himself on TV in a New York minute—might not do that? And don't you think Giuliani has Adam Schiff's cell number on speed dial if he needs it?

Now, for sure, this scenario didn't succeed for Michael Cohen (Giuliani's predecessor as Trump's principal gladiator). Trump didn't play the pardon card for him and the Southern District prosecutors didn't go to bat for Cohen at sentence (although, there, probably because Cohen wasn't willing to admit and cooperate regarding his unrelated Russian business dealings).

But this time, it's altogether different. Cohen's "Trump stuff" was about campaign violations in paying off Trump's "girlfriends." It was somewhat penny ante, had nothing to do with the presidency, and impeachment hearings weren't yet underway. Giuliani, however, could help the House Democrats who stand quite ready, willing and able to impeach the president immediately if they want to regarding alleged abuse of power as president.

And although it will certainly be a purely partisan vote to impeach, the public well knows—even if the Senate won't convict—precisely what the president has done. The amalgam of witnesses from the diplomatic corps showed anyone watching that Giuliani truly can be the smoking gun witness. That said, he could end up either as the president's scapegoat, or the illuminating proof that Trump didn't care at all about Ukraine corruption, but only about nailing Joe Biden.

If John Bolton thought that Giuliani and Trump were involved in some crazy "drug deal" in the Ukraine, Giuliani is better positioned than anyone to incriminate his "drug" confederate. Just imagine the conversations between those two when they allegedly choreographed a roadblock to Biden's candidacy.

So, yes, Giuliani does have an insurance policy in his hip pocket. The lingering question is just how far down the road it must be before Trump, the "world's greatest negotiator," would be willing to "throw in the policy" to end the potential problem that Giuliani alone can cause him.

Don't forget, Giuliani knows better than anyone the president's likely chess game with him. After all, he's been the president's coach—so far. Bad news, indeed, when your coach threatens to go over to the opposing team. And for those who believe that Giuliani's plan is to remain ever loyal to the president no matter what, perhaps Mike Tyson said it best: "Everyone has a plan until they get punched in the mouth."

Joel Cohen practices white-collar criminal defense law as senior counsel at Stroock & Stroock & Lavan. He is an adjunct professor at Fordham Law School and is the recent author of "I Swear: The Meaning of an Oath" (Vandeplas Publishing, 2019).