211 CMR, § 24.05
The insurance required by 211 CMR 24.04 may provide that it does not apply to any dishonest, fraudulent, criminal, or malicious act or omission of the insured LLP or LLC, or any partner, member or employee thereof; or the conduct of any business enterprise not involving the business of insurance in which the insured LLP or LLC may hold an ownership interest or in which the insured LLP or LLC may be a partner or which may be controlled, operated, or managed by the insured LLP or LLC, in its own or in a fiduciary capacity including the ownership, maintenance, or use of any property in connection therewith; and bodily injury to, or sickness, disease, or death of, any person, or to injury to or destruction of any tangible property, including the loss of use thereof. The policy may contain reasonable provisions with respect to policy periods, territory, claims, conditions, and other usual matters.
The insurance required by 211 CMR 24.04 is not required if the LLP or LLC maintains designated and segregated capital equal to the amount of insurance required in 211 CMR 24.04.
211 CMR, § 24.05