Section 24.04 - Required Insurance and Capital Program(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.