Does Deck Medic have the right to modify the required insurance coverage?
Deck_Medic Franchise · 2024 FDDAnswer from 2024 FDD Document
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- Insurance You must obtain the insurance coverage that we require from time to time as presently disclosed in the Manuals and as we may modify. All insurance policies required under your Franchise Agreement and as set forth in the Franchise Agreement must be written by a responsible carrier, reasonably acceptable to us, and all insurance (excluding workers' compensation) must name us, our officers, directors, shareholders, partners, agents, representatives and independent contractors as additional insureds. The insurance policies must include a provision that the insurance carrier must provide us with no less than 30 days' prior written notice in the event of a material alteration to, or cancellation of, any insurance policy. A certificate of insurance must be furnished by
you to use at the earlier of 90 days after the Effective Date of the Franchise Agreement or prior to the commencement of our initial training program. Insurance coverage must be at least as comprehensive as the minimum requirements set forth in the chart below and in the Franchise Agreement (Franchise Agreement, Article 8). You must consult your carrier representative to determine the level of coverage necessary for the Franchised Business. Higher exposures may require higher limits.
Source: Item 8 — RESTRICTIONS ON SOURCES OF PRODUCTS AND SERVICES (FDD pages 19–22)
What This Means (2024 FDD)
According to Deck Medic's 2024 Franchise Disclosure Document, Deck Medic has the right to modify the required insurance coverage. The FDD states that franchisees "must obtain the insurance coverage that we require from time to time as presently disclosed in the Manuals and as we may modify." This means that the specific types and amounts of insurance a Deck Medic franchisee needs can change over time, at Deck Medic's discretion.
All insurance policies must be written by a responsible carrier reasonably acceptable to Deck Medic. Furthermore, Deck Medic, its officers, directors, shareholders, partners, agents, representatives, and independent contractors must be named as additional insureds on all policies, excluding workers' compensation.
The insurance carrier must provide Deck Medic with at least 30 days' prior written notice if there is a material alteration to or cancellation of any insurance policy. Franchisees must furnish a certificate of insurance to Deck Medic at the earlier of 90 days after the effective date of the Franchise Agreement or before the commencement of the initial training program. The insurance coverage must be at least as comprehensive as the minimum requirements set forth in the Franchise Agreement. Franchisees are advised to consult with their carrier representative to determine the necessary level of coverage for their Franchised Business, as higher exposures may require higher limits.