hdf Liability Insurance Information

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PHARMACY TECHNICIAN SOCIETY OF ALBERTA

The Pharmacy Technician Society of Alberta (PTSA) in partnership with HDF Insurance and Encon Group has designed and developed a Professional Liability Insurance Program exclusively for PTSA Members to provide you with an excellent form of liability protection.

The highly specialized coverage provided by this program considers the potential risks of your profession and defends you against any frivolous allegations of negligence or wrong doing thereby protecting your assets.

The policy you are purchasing through HDF Insurance is written on a claims made basis which is explained below.

CLAIMS MADE POLICIES:

As the name indicates, Claims Made Policies provide coverage for claims made in the period the policy is in force. They provide coverage only so long as the insured continues to pay premiums for the initial policy and any subsequent renewals.

Once premiums stop the coverage stops for any claims not known or made to the insurance company during the coverage period. What this means to the policy owner is that there is a risk of an unknown or unreported claim being made long after the policy period and not being covered because the claim was made outside of the coverage period.

To continue coverage after the coverage period, the policy owner must purchase an Extended Reporting Endorsement: this is an endorsement that extends the claims reporting period after the policy is ended. The Extended Reporting Endorsement must be purchased to continue any risk protection afforded under the policy.

If you move from one insurer to the next with claims made coverage you must purchase the Extended reporting Endorsement or your new insurer must include a prior acts endorsement. The new insurer assumes coverage for the prior acts occurring in the other carrier’s coverage period.

HIGHLIGHTS

Choice of Limits:

 $1,000,000 per claim / $1,000,000 aggregate = $100/yr

 $2,000,000 per claim / $2,000,000 aggregate = $125/yr

 $2,000,000 per claim / $4,000,000 aggregate = $140/yr

 $5,000,000 per claim / $5,000,000 aggregate = $150/yr

 No deductible.

 Includes Disciplinary Action – Legal Expense coverage up to $ 50,000.

 Includes Penal Defence reimbursement for up to $ 25,000

 Extended Reporting Period Provision of up to 6 years.

 1st Year 75% of Annual Premium.

 2nd Year and Every Year Thereafter 50% of Annual Premium for a Maximum of 6 Years.

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