Who is signing the surety bond on behalf of Arch Insurance Company for Alloy?
Alloy Franchise · 2025 FDDAnswer from 2025 FDD Document
On behalf of: | Alloy Personal Training, LLC | | | | | In favor of: | State of Illinois Attorney General | | | |
Provided, however, that this Continuation Certificate does not create a new obligation and is executed upon the express condition and provision that the Surety's liability under said bond and this and all Continuation Certificates issued in connection therewith shall not be cumulative and that said Surety's aggregate liability under said bond and this and all such Continuation Certificates on account of all defaults committed during the period (regardless of the number of years) said bond has been and shall be in force, shall not in any event exceed the amount of said bond as hereinbefore set forth.
Dated this 8th day of April, 2024
ARCH INSURANCE COMPANY
Anthony Basciano
, Attorney-in-Fact
This Power of Attorney limits the acts of those named herein, and they have no authority to bind the Company except in the manner and to the extent herein stated.
Source: Item 23 — RECEIPTS (FDD pages 69–245)
What This Means (2025 FDD)
According to Alloy's 2025 Franchise Disclosure Document, Anthony Basciano, acting as Attorney-in-Fact, is signing the continuation certificate on behalf of Arch Insurance Company. This continuation certificate is dated April 8, 2024.
The document clarifies that the Power of Attorney granted to Anthony Basciano limits his actions, and he cannot bind the company beyond what is stated in the agreement. It also specifies that the power of attorney is not valid for certain guarantees related to notes, loans, letters of credit, currency rates, interest rates, or residential value.
The surety's liability under the bond and all continuation certificates will not be cumulative and shall not exceed the amount of the bond. This means that regardless of the number of years the bond is in force, the surety's total liability for all defaults will not exceed the original bond amount.
For a prospective Alloy franchisee, this information is relevant because it identifies who is authorized to sign the surety bond on behalf of the insurance company providing the financial assurance required by certain states like Maryland. It also outlines the limitations and conditions associated with the surety bond, which is important to understand in case of any claims or issues related to the bond.