How will Fitstop communicate changes to insurance coverage requirements to franchisees?
Fitstop Franchise · 2024 FDDAnswer from 2024 FDD Document
additional insured shall apply to both ongoing and completed operations coverage.
- 8.2.2 You shall provide evidence of payment of premiums of the aforementioned insurance policies and duplicate copies of policies to us no less than 30 calendar days prior to the date that you open for business and/or 30 calendar days prior to the expiration date of an existing policy of insurance.
- 8.2.3 Your insurance policies shall be in effect on or prior to the date that you begin servicing members.
- 8.2.4 You shall cause the insurer to include as a provision in all insurance policies that the insurer must give written notice to us no less than 30 calendar days prior to any cancellations of or material changes to the policy.
- 8.2.5 You shall cause the insurer to include as a provision in all insurance policies a waiver of subrogation favoring us, our officers, and our directors.
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Source: Item 23 — RECEIPTS (FDD pages 50–135)
What This Means (2024 FDD)
According to Fitstop's 2024 Franchise Disclosure Document, the various limits of the insurance that federal, state, and local law as well as the Franchise Agreement requires may be increased, or circumstances may dictate that franchisees add new types of coverage.
Fitstop franchisees are required to provide evidence of payment of premiums and duplicate copies of policies to Fitstop no less than 30 calendar days prior to opening for business and/or 30 calendar days prior to the expiration date of an existing insurance policy. Franchisees must also ensure that their insurance policies are in effect on or prior to the date that they begin servicing members.
Furthermore, Fitstop requires that the insurer include a provision in all insurance policies to give written notice to Fitstop no less than 30 calendar days prior to any cancellations of or material changes to the policy. This ensures Fitstop is promptly informed of any modifications to a franchisee's insurance coverage, allowing them to communicate these changes and ensure compliance.