For Alloy, what is the name of the surety company providing the power of attorney?
Alloy Franchise · 2025 FDDAnswer from 2025 FDD Document
y, and as its act and deed: Any and all bonds, undertakings, recognizances and other surety obligations, in the penal sum not exceeding One Hundred Fifty Million Dollars ($150,000,000.00). This authority does not permit the same obligation to be split into two or more bonds In order to bring each such bond within the dollar limit of authority as set forth
The execution of such bonds, undertakings, recognizances and other surety obligations in pursuance of these presents shall be as binding upon the said Company as fully and amply to all intents and purposes, as if the same had been duly executed and acknowledged by its regularly elected officers at its principal administrative office in Jersey City, New Jersey.
This Power of Attorney is executed by authority of resolutions adopted by unanimous consent of the Board of Directors of the Company on August 31, 2022, true and accurate copies of which are hereinafter set forth and are hereby certified to by the undersigned Secretary as being in full force and effect:
"VOTED, That the Chairman of the Board, the President, or the Executive Vice President, or any Senior Vice President, of the Surety Business Division, or their appointees designated in writing and filed with the Secretary, or the Secretary shall have the power and authority to appoint agents and attorneys-in-fact, and to authorize them subject to the limitations set forth in their respective powers of attorney, to execute on behalf of the Company, and attach the seal of the Company thereto, bonds, undertakings, recognizances and other surety obligations obligatory in the nature thereof, and any such officers of the Company may appoint agents for acceptance of process."
This Power of Attorney is signed, sealed and certified by facsimile under and by authority of the following resolution adopted by the unanimous consent of the Board of Directors of the Company on August 31, 2022:
VOTED, That the signature of the Chairman of the Board, the President, or the Executive Vice President, or any Senior Vice President, of the Surety Business Division, or their appointees designated in writing and filed with the Secretary, and the signature of the Secretary, the seal of the Company, and certifications by the Secretary, may be affixed by facsimile on any power of attorney or bond executed pursuant to the resolution adopted by the Board of Directors on August 31, 2022, and any such power so executed, sea
Source: Item 23 — RECEIPTS (FDD pages 69–245)
What This Means (2025 FDD)
According to the 2025 FDD, the surety company providing the power of attorney for Alloy is Arch Insurance Company. The FDD includes multiple references to Arch Insurance Company in the context of the power of attorney. Specifically, the document indicates that to verify the authenticity of the Power of Attorney, one should contact Arch Insurance Company. Additionally, the document states that the Power of Attorney is executed by authority of resolutions adopted by the Board of Directors of the Company, and it is signed and sealed by authorized officers, referencing Arch Insurance Company.
This information is relevant to prospective Alloy franchisees as it identifies the entity responsible for the surety bond, which provides financial assurance under certain conditions, such as those required by the Maryland Securities Commissioner or the Minnesota Department of Commerce due to the franchisor's financial condition. The surety bond may cover the initial franchise fee for a single unit or an area development franchise.
Knowing the surety company allows a franchisee to verify the legitimacy of the bond and understand the process for making claims against it. For example, the FDD specifies an address at Arch Insurance - Surety Division in Philadelphia for claim inquiries. This transparency is crucial for franchisees seeking to protect their investment and understand their rights in case of disputes or financial instability of the franchisor.