What is the minimum combined single limit for bodily injury and property damage that a Remax franchisee's automobile liability insurance policy must cover?
Remax Franchise · 2025 FDDAnswer from 2025 FDD Document
required to secure endorsements covering each of your Sales Associates under such errors and omissions policy or, in the alternative, you will be required to ensure that each Sales Associate secures real estate errors and omissions professional liability insurance in the face amount of not less than $2,000,000 per claim and annual aggregate.
- Automobile liability insurance covering each vehicle titled or leased in your name or the name
Source: Item 22 — Contracts (FDD pages 108–334)
What This Means (2025 FDD)
According to Remax's 2025 Franchise Disclosure Document, a franchisee's automobile liability insurance policy must cover at least $1,000,000 for combined single limits of bodily injury and property damage. This insurance must cover every vehicle that is either titled or leased in the franchisee's name, or the name of the franchise, and used for business purposes. The policy must include coverage for any auto, owned, hired, and non-owned automobiles.
This requirement ensures that Remax franchisees have sufficient financial protection in case of an accident involving a vehicle used for business purposes. The $1,000,000 minimum coverage is designed to cover potential liabilities for bodily injury and property damage caused by the franchisee or their employees while conducting business.
It is important for prospective Remax franchisees to factor in the cost of this insurance coverage when evaluating the overall investment required to start and operate a franchise. Franchisees must maintain this coverage throughout the term of their franchise agreement. Additionally, Remax Regional may change the minimum amount of coverage required under any policy and require different or additional kinds of insurance to reflect inflation, identification of new risks, changes in law or standards of liability, higher damage awards or other relevant changes in circumstances.