What is the deadline for a Cool Binz franchisee to purchase insurance?
Cool_Binz Franchise · 2025 FDDAnswer from 2025 FDD Document
the Indemnified Parties, and will provide, by endorsement, that we receive at least 30 days' notice of any intent to cancel or materially alter any policy.
At least ten (10) days before attending Business Manager and Technical Operations Training, commencing the operation of the COOL BINZ Business, whenever a change is made to your policy, and before expiration of any insurance coverage, you must have your insurance provider send us a copy or certificate or other acceptable proof of such insurance. If you do not maintain the required insurance coverage, or do not furnish us with satisfactory evidence of insurance coverage and premium payments, we may obtain, at our sole option and in addition to our other rights and remedies under this Agreement, any required insurance coverage on your behalf. We are under no obligation whatsoever to obtain such insurance, but if we do so, you must fully cooperate with us in our efforts and must promptly sign all forms required to obtain or maintain the insurance. You must also allow any inspections of your COOL BINZ Business required to obtain or maintain the insurance. Finally, you must pay us, on demand, any costs and premiums we incur in obtaining insurance on your behalf. Neither your obligation to maintain insurance coverage nor our maintenance of insurance on your behalf will reduce or absolve you of any obligations of indemnification described in this Agreement. You must promptly report all material claims, or potential claims, against you, any Indemnified Party or us, to the insurer and to us.
You may not commence your COOL BINZ Business until you have provided the certificates of insurance or other acceptable proof of all insurances. You may not reduce the policy limits, restrict coverage, cancel, or otherwise alter or amend any insurance policy without our written consent.
You must provide us with copies of any insurance claims or insurance cancellations within 24 hours. You have a 24-hour opportunity to cure any lapses in insurance coverage. No insurance policy must be subject to cancellation, termination, non-renewal or material modification, except upon at least 30 days prior written notice from the insurance carrier to us.
Source: Item 23 — RECEIPTS (FDD pages 63–238)
What This Means (2025 FDD)
According to Cool Binz's 2025 Franchise Disclosure Document, a franchisee must provide proof of insurance coverage at least ten days before attending Business Manager and Technical Operations Training, before commencing operation of the Cool Binz business, whenever a change is made to the policy, and before the expiration of any insurance coverage. This proof can be in the form of a copy, certificate, or other acceptable documentation from the insurance provider.
Cool Binz also requires franchisees to maintain continuous insurance coverage. If a franchisee fails to maintain the required insurance or provide satisfactory evidence of coverage and premium payments, Cool Binz has the option to obtain the necessary insurance on the franchisee's behalf. While Cool Binz is not obligated to do so, the franchisee is required to cooperate fully and cover all associated costs and premiums if Cool Binz chooses to obtain insurance for them.
Furthermore, the franchisee cannot begin their Cool Binz business until they have supplied certificates of insurance or other acceptable proof of all required insurances. Franchisees must also provide Cool Binz with copies of any insurance claims or cancellations within 24 hours and have a 24-hour opportunity to cure any lapses in insurance coverage. Additionally, franchisees must obtain Cool Binz's written consent before reducing policy limits, restricting coverage, canceling, or otherwise altering any insurance policy. Cool Binz retains the right to modify the minimum insurance requirements with 30 days' prior written notice to the franchisee, and the franchisee must comply with any such modifications within the specified timeframe.