What are the pre-training requirements for the Cool Binz Business Manager and Technical Operations Training?
Cool_Binz Franchise · 2025 FDDAnswer from 2025 FDD Document
dically at our sole determination and are made available to you on our COOL BINZ owners' intranet website and in the Operations Manual.
C. INSURANCE.
Before attending either the Business Manager and Technical Operations Training, you must purchase and maintain in full force and effect throughout the term of this Agreement and at your expense, insurance protecting you, your employees, and us, our officers, and our employees, against loss, liability, fire, personal injury, death, property damages, or theft arising from, or occurring in connection with, the operation and promotion of the COOL BINZ Business. You acknowledge and agree that (a) the insurance you will maintain reflects the minimum amounts of coverage we require, (b) these minimums are not meant to reflect the actual needs you may have, and (c) it is your responsibility to carefully evaluate if these minimums will adequately meet your needs.
All policies will be written by an insurance company(ies) that is/are licensed in the state in which you are doing business, and that has an A.M. Best rating of "A" or better. Currently, you are not obligated by the terms of this Agreement to purchase your insurance from any specific provider, although we reserve the right to specify the specific provider that you must use in the future.
Our current requirements are described below:
- Umbrella Policy and Commercial General Liability Insurance. You shall maintain a commercial umbrella liability insurance policy with a limit of at least $2,000,000 per occurrence and in the aggregate and shall list the commercial general liability, automobile liability and employers' liability policies as scheduled underlying policies. You shall maintain insurance for "bodily injury," "property damage," and "personal and advertising injury" with no exclusion or limitation applying to the products/completed operations liability coverage.
Source: Item 23 — RECEIPTS (FDD pages 63–238)
What This Means (2025 FDD)
According to Cool Binz's 2025 Franchise Disclosure Document, before attending the Business Manager and Technical Operations Training, franchisees must purchase and maintain insurance. This insurance must protect the franchisee, their employees, Cool Binz, its officers, and its employees against various risks such as loss, liability, fire, personal injury, death, property damages, or theft. The insurance coverage must be in full force and effect throughout the term of the Franchise Agreement and be paid for by the franchisee.
The document specifies that the insurance coverage amounts reflect the minimums Cool Binz requires, but these minimums may not adequately meet the franchisee's actual needs. It is the franchisee's responsibility to evaluate whether these minimums are sufficient for their specific circumstances.
In addition to insurance, before commencing operation of the Cool Binz Business, franchisees must employ at least one person who has completed the Initial Training. Also, before attending the Initial Training and/or upon any change to the legal entity ownership, franchisees must submit to Cool Binz a corporate resolution, or similar action, which states the name of the corporation or LLC, the legal names of all of the partners or shareholders, the percentage of ownership that each member controls, their place of residence and their agreement to be bound by the terms of the Franchise Agreement. In the case of multiple owners, franchisees must submit a dispute resolution procedure acceptable to Cool Binz that states what they will do in the event that there is a conflict between any owners of the franchisee entity. At all times, the owners who have executed the Franchise Agreement must control 67% of the franchisee entity. The remaining owners must sign a written confidentiality and non-compete agreement in the form Cool Binz prescribes.