Is an Advanced Mobile Iv And Amiv franchisee required to obtain liability insurance?
Advanced_Mobile_Iv_And_Amiv Franchise · 2023 FDDAnswer from 2023 FDD Document
tten approval. We do not require you to offer any sort of warranty or guaranty on any products or services.
You are required to obtain and keep in force by advance payment of premium appropriate liability insurance. The insurance will include, at a minimum, the following:
A. Medical malpractice coverage (Professional lability, Errors and Omissions) with a limit of at least $1,000,000, listing Advanced Mobile IV, LLC as an additional insured. This policy must name the medical director within the policy.
AMIV FRANCHISE DISCLOSURE DOCUMENT 25
- B. Comprehensive general liability insurance, including and products liability, completed operations, property damage, contractual liability, independent contractors liability, owned and non-owned and hired automobile coverage, and personal injury coverage with a combined single limit of at least $1,000,000 per occurrence and $2,000,000 aggregate, including umbrella coverage.
- C. Automobile liability insurance, including owned, non-owned, leased and hired vehicle coverage, with a combined single limit of at least $1,000,000 for death, personal injury and property damage. With our prior written consent, this amount may be lowered if needed to obtain a commercially reasonable rate, but in no event less than any statutorily imposed minimum coverage.
- D. Unemployment, workers' compensation, and employer's liability insurance, and other insurance required by statute or rule of the state in which the franchise is located and operated.
- E. All-risk personal property insurance in an amount equal to at least 100% of the replacement costs of the franchise equipment.
The insurance will not be limited in any way because of any insurance we maintain. Maintenance of the required insurance will not diminish your liability to us under the indemnities contained in the Franchise Agreement. The policy or policies will insure against our vicarious liability for actual and, unless prohibited by applicable law, punitive damages assessed against you. All policies must provide for a 30-day advance notice of cancellation to us.
We may require you to increase t
Source: Item 8 — RESTRICTIONS ON SOURCES OF PRODUCTS & SERVICES (FDD pages 22–26)
What This Means (2023 FDD)
According to Advanced Mobile Iv And Amiv's 2023 Franchise Disclosure Document, franchisees are required to obtain and maintain appropriate liability insurance. This insurance must be kept in force by advance payment of the premium. The required insurance coverage includes several specific types and minimum coverage amounts.
Specifically, Advanced Mobile Iv And Amiv requires medical malpractice coverage with a limit of at least $1,000,000, listing Advanced Mobile IV, LLC as an additional insured, and naming the medical director within the policy. Comprehensive general liability insurance is also required, including products liability, completed operations, property damage, contractual liability, independent contractors liability, owned and non-owned and hired automobile coverage, and personal injury coverage with a combined single limit of at least $1,000,000 per occurrence and $2,000,000 aggregate, including umbrella coverage.
Further, franchisees must maintain automobile liability insurance, including owned, non-owned, leased, and hired vehicle coverage, with a combined single limit of at least $1,000,000 for death, personal injury, and property damage. With Advanced Mobile Iv And Amiv's prior written consent, this amount may be lowered if needed to obtain a commercially reasonable rate, but it cannot be less than any statutorily imposed minimum coverage. Franchisees also need to have unemployment, workers' compensation, and employer's liability insurance, and other insurance required by statute or rule of the state in which the franchise is located and operated, as well as all-risk personal property insurance in an amount equal to at least 100% of the replacement costs of the franchise equipment.
Advanced Mobile Iv And Amiv also states that they may require franchisees to increase the minimum limits of and types of coverage to keep pace with regular business practice and prudent insurance custom. The insurance policies must provide for a 30-day advance notice of cancellation to Advanced Mobile Iv And Amiv.