Who were the insurance providers for Management Recruiters' workers' compensation insurance before the ACE policy?
Management_Recruiters Franchise · 2024 FDDAnswer from 2024 FDD Document
ment, together with a spread adjustment.
Note 5 – Workers' Compensation Insurance and Reserves
Beginning in March 2014, Legacy HQ obtained its workers' compensation insurance through Chubb Limited and ACE American Insurance Company (collectively, "ACE"), in all states in which it operated, other than monopolistic jurisdictions. The ACE policy was a high deductible policy pursuant to which Legacy HQ had primary responsibility for all claims with ACE providing insurance for covered losses and expenses in excess of $500,000 per incident. In addition to the ACE policy, Legacy HQ purchased a dedu
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 65–66)
What This Means (2024 FDD)
The 2024 Franchise Disclosure Document for Management Recruiters does not specify which insurance providers, if any, provided workers' compensation insurance before March 2014.
The document states that beginning in March 2014, Legacy HQ obtained its workers' compensation insurance through Chubb Limited and ACE American Insurance Company (collectively, "ACE"), in all states in which it operated, other than monopolistic jurisdictions. The ACE policy was a high deductible policy pursuant to which Legacy HQ had primary responsibility for all claims with ACE providing insurance for covered losses and expenses in excess of $500,000 per incident. In addition to the ACE policy, Legacy HQ purchased a deductible reimbursement insurance policy from HQ Ins. to cover losses up to the $500,000 deductible with ACE.
To gain a comprehensive understanding of Management Recruiters's insurance coverage history, a prospective franchisee should ask the franchisor directly about the workers' compensation insurance providers used before the ACE policy was implemented in March 2014. This information can provide a more complete picture of the evolution of the company's risk management strategies.