Code of Massachusetts Regulations
265 CMR - BOARD OF REGISTRATION OF HEARING INSTRUMENT SPECIALISTS
Title 265 CMR 10.00 - INSURANCE REQUIREMENTS FOR LIMITED LIABILITY CORPORATIONS AND LIMITED LIABILITY PARTNERSHIPS
Section 10.01 - Liability Insurance Requirements for Limited Liability Corporations and Limited Liability Partnerships
Universal Citation: 265 MA Code of Regs 265.10
Current through Register 1518, March 29, 2024
(1) A limited liability company and a limited liability partnership which owns or operates any practice, facility or business which provides hearing instrument services shall maintain professional liability insurance which meets the following minimum standards:
(a) The insurance shall
cover negligence, wrongful acts, errors and omissions and insure the LLC and
its officers or the LLP and its partners as required by M.G.L. c. 156C, §
65 and M.G.L. c. 108A, § 45(8)(a), respectively.
(b) For each claim concerning an LLC, the
minimum insurance coverage shall be either:
1.
at least $250,000.00 multiplied by the number of individual registrants
employed by or who are officers of the LLC; or
2. an aggregate amount of at least
$1,000,000.00 multiplied by the number of individual registrants employed by or
who are officers of the LLC.
(c) For each claim concerning an LLP, the
minimum insurance coverage shall be:
1. at
least $250,000.00 multiplied by the number of individual registrants employed
by or who are partners of the LLP; or
2. an aggregate amount of at least $ 1
,000,000.00 multiplied by the number of individual registrants employed by or
who are partners of the LLP.
3. An
LLP shall be considered to have complied with the requirements of 265 CMR 10.01
if the partnership provides for the above-specified amount of funds
specifically designated and segregated for the satisfaction of judgments
against the partnership or its partners based on negligence , wrongful acts,
errors and omissions by:
4. deposit
in trust or in bank escrow of cash, bank certificates of deposit, or United
States Treasury obligations; or
5.
a bank letter of credit or insurance company bond.
(d) The insurance coverage required by this
section may provide that it does not apply to any dishonest, fraudulent,
criminal or malicious act or omission of the insured LLC or any employee or
officer thereof or the insured LLP or any employee or partner
thereof.
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