Code of Massachusetts Regulations
211 CMR - DIVISION OF INSURANCE
Title 211 CMR 24.00 - Limited Liability Companies And Limited Liability Partnerships; Minimum Amount Of Liability Insurance
Section 24.04 - Required Insurance and Capital Program
Universal Citation: 211 MA Code of Regs 211.24
Current through Register 1531, September 27, 2024
(1) An LLP or LLC must maintain in good standing professional liability insurance which meets the following minimum standards:
(a) The insurance shall cover
negligence, wrongful acts, errors and omissions and insure the LLP, LLC and
their respective partners and members (M.G.L. c. 108A, § 45(8)(a), M.G.L.
c. 156C, § 65).
(b) The
insurance shall be in an amount for each claim of at least $100,000 multiplied
by the number of individual licensees who are employed by, or partners of, the
LLP, or members of the LLC, and in an aggregate amount of at least $250,000
multiplied by the number of individual licensees who are employed by, or
partners, of the LLP or members of the LLC;
(2) The requirements of 211 CMR 24.04(1) shall be satisfied if the LLP or LLC maintains insurance sufficient to provide coverage at a level of at least $500,000 for each claim with an aggregate top limit of liability for all claims, during any one year, of at least $1,000,000.
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