How often must an Engel & Volkers franchisee furnish proof of insurance coverage to the franchisor?
Engel_Volkers Franchise · 2025 FDDAnswer from 2025 FDD Document
Franchisee must provide proof of the foregoing insurance coverage within thirty (30) days of the Effective Date and continue to prove its maintenance to Franchisor by furnishing to Franchisor annually upon Franchisor's request, the then current certificates of insurance coverage.
Franchisee shall provide Franchisor with certificates of insurance issued by each of the insurers indicating that all required insurance is in full force and effect and that it will not be terminated, permitted to lapse, expire or change without at least thirty (30) days' prior written notice to Franchisor.
Source: Item 22 — CONTRACTS (FDD page 88)
What This Means (2025 FDD)
According to Engel & Volkers' 2025 Franchise Disclosure Document, a franchisee must initially provide proof of insurance coverage within thirty days of the effective date of the franchise agreement. After this initial submission, the franchisee must continue to provide proof of maintained insurance coverage to Engel & Volkers annually upon their request by furnishing current certificates of insurance coverage.
It is important to note that Engel & Volkers must be named as an additional insured on all insurance policies. Furthermore, franchisees must ensure that Engel & Volkers receives at least thirty days' prior written notice from the insurance provider before any policy is terminated, lapses, expires, or changes.
Engel & Volkers may offer franchisees the opportunity to benefit from favorable insurance terms under its pool insurance arrangements, if any exist. However, Engel & Volkers does not guarantee that any insurance the franchisee purchases, or that Engel & Volkers procures on the franchisee's behalf, will provide adequate coverage. Franchisees are advised to consult with their own insurance advisors to determine the level of insurance protection they need, in addition to the coverage and limits required by Engel & Volkers.