As a risk manager, I know a lot about insurance. But I am unfamiliar with any insurance product currently on the market that would satisfy the Massachusetts requirements. I wonder if there are any, or if the commercial marketplace will develop any. It has to be a pretty small market, and I would wonder if it would be worth the bother for an insurer to develop and sell a policy meeting these requirements. If there is any sort of state firearms affinity club or association in Massachusetts, I would be talking to an insurance broker about developing a such a policy and then selling it to the association members. Could be some profit in it if you took that approach.
No license to carry shall be issued pursuant to this section unless and until the applicant for the license or for the renewal of an existing license presents to the licensing authority a complete list of every handgun owned by the applicant along with a certificate of insurance verifying that the applicant has a valid insurance policy insuring against any harm or damage that might arise out of the use of each weapon on said list. The applicant shall swear under the penalties of perjury that said list is a complete list of all handguns owned by the applicant. The insurance policy shall be in an amount of at least $250,000 and shall list the specific weapons covered by the policy. The list presented to the licensing authority shall match the list on the insurance policy or the license or renewal shall not issue. In the event that a holder of a license to carry acquires a new handgun after the issuance of the license or the renewal of an existing license, the holder shall register the weapon as required by law and shall forward to the licensing authority a true copy of a certificate of insurance verifying the existence of insurance, as required herein, for said new weapon or weapons within thirty days of acquisition. Such a policy of insurance shall be available to satisfy any judgment for personal injuries or property damages arising out of the unintentional, accidental or unlawful use of an insured weapon, provided that, in the event of multiple judgments, judgments for medical bills shall have a priority in the order that said judgments are satisfied and, provided further, that medical bills paid for by or owed to the Commonwealth and any municipal or regional governmental entity shall have a super priority and shall be satisfied first out of all such judgments for medical bills. In the event that a judgment issues against the license holder for personal injuries or property damage that cannot be satisfied by the required insurance policy due to the holder’s failure to maintain said policy, the license holder may be punished by imprisonment by not more than five years.
