What is the minimum required per occurrence and aggregate limit for Excess or Umbrella Insurance that a Fitstop franchisee must maintain?

According to Fitstop's 2024 Franchise Disclosure Document, franchisees are required to maintain Excess or Umbrella Insurance with a minimum limit of $5,000,000 per occurrence and aggregate. This insurance coverage is in addition to other required policies such as Comprehensive General Liability, Business Automobile Liability, and Workers Compensation Insurance.

The purpose of Excess or Umbrella Insurance is to provide an extra layer of protection beyond the limits of the franchisee's other liability policies. This can be crucial in the event of a major claim or lawsuit that exceeds the coverage limits of the primary policies. The $5,000,000 limit ensures that Fitstop franchisees have significant financial protection against potential liabilities.

Fitstop also requires that they and any party they designate be named as additional insureds on the franchisee's Comprehensive General Liability and Excess or Umbrella Insurance policies. This additional insured status applies to both ongoing and completed operations coverage. Franchisees must also 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 policy.