Does Advanced Mobile Iv And Amiv offer guidance and standards related to insurance?
Advanced_Mobile_Iv_And_Amiv Franchise · 2023 FDDAnswer from 2023 FDD Document
in this 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 insurance policies you obtain will contain a blanket waiver of the insurer's rights of subrogation in respect of or against us and our officers, agents, employees and representatives; and will not contain any insured vs. insured exclusion clause, but will contain a severability clause providing that each the policy will be treated as though a separate insurance policy had been issued to each named insured.
We may require you to increase the minimum limits of and types of coverage to keep pace with regular business practice and prudent insurance custom.
If you fail to comply with any of the requirements of this Subsection, we may, but are not obligated to, purchase insurance at your expense to protect our interests. This insurance may, but need not, also protect your interest. The coverage we obtain might not pay any claim you make or any claim made against you. You may later cancel the insurance we obtain by providing evidence that you have obtained proper coverage elsewhere. You are responsible for the cost of any insurance purchased by us pursuant to this paragraph. This coverage may be considerably more expensive than insurance you can obtain on your own and might not satisfy your needs. You will pay us upon demand the premium cost of this insurance with a late payment charge on the unpaid balance at the rate established in this Agreement.
You will promptly report all claims or potential claims against you, the Franchise or us in writing when you become aware of them. You will give immediate written notice to us of any claims or potential claims you make to your insurers.
We may, at our sole discretion, upon not less than 90 days prior written notice to you, secure a policy of insurance which will provide defined insurance coverage to all or any part of the Advanced Mobile IV system. This policy may replace or supplement the insurance coverage you are required to maintain. You will pay the relevant insurance premium to us or the designated insurance provider, as we direct.
Source: Item 23 — RECEIPTS (FDD pages 54–202)
What This Means (2023 FDD)
According to Advanced Mobile Iv And Amiv's 2023 Franchise Disclosure Document, franchisees are required to maintain certain insurance policies. These policies must cover Advanced Mobile Iv And Amiv's vicarious liability for actual and punitive damages, unless prohibited by law. The insurance policies should include a blanket waiver of the insurer's rights of subrogation against Advanced Mobile Iv And Amiv, its officers, agents, employees, and representatives. Additionally, the policies must not contain any insured vs. insured exclusion clause but should have a severability clause, treating each insured party as if they have a separate policy.
Advanced Mobile Iv And Amiv has the right to increase the minimum coverage limits and types to align with standard business practices and prudent insurance customs. If a franchisee fails to maintain the required insurance, Advanced Mobile Iv And Amiv has the option, but not the obligation, to purchase insurance on the franchisee's behalf to protect its interests. This insurance may or may not protect the franchisee's interests and could be more expensive than what the franchisee could obtain independently. The franchisee is responsible for reimbursing Advanced Mobile Iv And Amiv for the cost of this insurance, including late payment charges if applicable.
The franchisee is obligated to promptly report all claims or potential claims against them, the franchise, or Advanced Mobile Iv And Amiv in writing. They must also provide immediate written notice to Advanced Mobile Iv And Amiv regarding any claims they make to their insurers. Advanced Mobile Iv And Amiv retains the right to secure a policy of insurance that provides defined coverage to the entire Advanced Mobile Iv And Amiv system, replacing or supplementing the franchisee's required coverage, with 90 days' written notice. The franchisee will be responsible for paying the relevant insurance premium to Advanced Mobile Iv And Amiv or the designated insurance provider.