Are Cool Binz franchisees currently obligated to purchase insurance from a specific provider?

According to Cool Binz's 2025 Franchise Disclosure Document, franchisees are not currently required to purchase insurance from a specific provider. However, Cool Binz retains the right to mandate the use of a specific insurance provider in the future.

Cool Binz franchisees must maintain various insurance policies throughout the term of the Franchise Agreement. These include commercial umbrella liability insurance with limits of at least $2,000,000 general aggregate, $2,000,000 products and completed operations aggregate, $1,000,000 personal and advertising injury limit and $1,000,000 per occurrence limit, automobile liability insurance with a combined single limit of at least $1,000,000, workers' compensation and employers' liability insurance, Bailee insurance, inland marine insurance, pollution insurance and any other insurance as required by any state, county, local, or other municipal insurance requirements. Additionally, franchisees are required to use Storage Protectors as the approved vendor for container and contents insurance purchased by customers.

All insurance policies must be written by companies licensed in the state where the franchisee operates and have an A.M. Best rating of "A" or better. Franchisees must ensure that Cool Binz, BELFOR Franchise Group, LLC, BELFOR USA Group Inc., and their affiliates are named as additional insureds on general liability policies. These policies must also provide 30 days' notice to Cool Binz before any cancellation or material alteration. Franchisees must provide proof of insurance to Cool Binz before training, when changes are made to the policy, and before the expiration of any coverage.