Massachusetts Limited Liability Insurance Estimates

[Ronald H.]

Easiest way for someone to answer would be if they have formed an LLC already that is similar to what mine will be. A 1 member,

Tried to get a quote online for Liability Insurance in advance of starting an LLC. Well so much for that. Does not seem to work, unless you're already incorporated. So much for the 5 minute online quote that they promise on the wen everywhere.

The LLC will start out as a one member, manager managed company. I need the Insurance to conform with the Mass Law 211CMR24 regarding minimum liability coverage for llc's in Massachusetts.

I have already read the State's mumbo jumbo down below and I am not clear as to how much the state of Mass wants.

Any members here in Mass that can give me an idea of how much it will cost for a year's worth of minimum liability insurance?

Not related to this post but below shows the Mass requirement for the minimum. How much are they asking me to have, because I cannot understand their way of putting it.

24.04 (a) Says I need errors and omissions. This is an extra cost deal. I am clear on this.

24.04 (b) My interpretation of (b) below How much does this mean. It is a 1 member LLC, so multiplied by the members it should be $100,000.00 for each claim of at least $100,000.00 At least, I think. Since there would not be any other members in the beginning I would not need an aggregated amount of $250,000.00 for 2 or more members. Am I correct?

(2) Below, I think they are saying that I must keep a policy that will cover a claim of $500K for each claim. The Aggregate part below is confusing to me. What is it Top Limits on claims each year $1,000,000.00 ??????? for a 1 member LLC? Does aggregated amount have to do with more than one member?

http://www.lawlib.state.ma.us/source/mass/cmr/cmrt...

Below is the Mass way of describing the law

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,

[Ann Bellamy]

Ronald, you haven't said what the LLC will do. If you are flipping houses, you'll need liability on each house. If you are a broker, I'm pretty sure there is a different policy. Talk to nreinsurance.com, they specialize in real estate investor insurance, @Tim Norris can help you.  Send him a PM if you don't get your answers on their site.