What is the minimum timeframe after written notice that additional financial requirements from Engel & Volkers become effective?

According to Engel & Volkers' 2025 Franchise Disclosure Document, the company may periodically add to, modify, or delete the types and amounts of insurance coverage that franchisees must maintain. Upon delivery of written notice, the franchisee must immediately purchase insurance that conforms with the new standards.

This means that an Engel & Volkers franchisee could face immediate financial obligations to adjust their insurance coverage as directed by the franchisor. This requirement could potentially strain a franchisee's budget if unexpected insurance costs arise.

Prospective franchisees should carefully consider this requirement and discuss with Engel & Volkers the potential frequency and magnitude of insurance adjustments. Understanding the typical range of insurance costs and the potential for unexpected changes is crucial for financial planning.