What must a Bevaris Alliance franchisee provide to the franchisor regarding their insurance policies?
Bevaris_Alliance Franchise · 2024 FDDAnswer from 2024 FDD Document
- 13.3 Franchisor's interest. The Franchisor's interest should be noted on the policies of insurance as an additional insured, and which shall state that the Franchisor is to receive notice of any late payment of a premium and at least 30 days' notice of cancellation.
- 13.4 Copies. The Franchisee shall provide the Franchisor with copies of all such policies and renewals.
- 13.5 Premiums. The Franchisee shall promptly pay all premiums for such policies and immediately provide the Franchisor with evidence of payment of premiums.
Source: Item 23 — RECEIPT (FDD pages 22–88)
What This Means (2024 FDD)
According to the 2024 Bevaris Alliance Franchise Disclosure Document, franchisees are required to provide certain documentation and proof related to their insurance policies to the franchisor. Specifically, Bevaris Alliance franchisees must provide copies of all insurance policies and renewals to the franchisor.
In addition to providing copies of the policies, franchisees must also furnish the franchisor with immediate evidence of payment of premiums. This ensures that the insurance coverage remains active and compliant with the franchise agreement.
Furthermore, the franchisee must ensure that the franchisor's interest is noted on the insurance policies as an additional insured. The insurance policies must also state that the franchisor is to receive notification of any late premium payments and at least 30 days' notice of cancellation. This requirement protects Bevaris Alliance's interests by keeping them informed about the status of the franchisee's insurance coverage and allowing them time to take action if necessary to maintain coverage.