Pharmacy Technician Society of Alberta
The Pharmacy Technician Society of Alberta (PTSA) has designed a Professional Liability Insurance Program exclusively for PTSA Members. PTSA has developed the Professional Liability Insurance Program in partnership with HDF Insurance and Encon Insurance Group 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. It defends you against any frivolous allegations of negligence or wrong doing thereby protecting your assets.
Program Highlights Include:
Choice of limits, subject to terms and conditions.
- $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 (What is this?)
All reasonable expenses incurred by the INSURED at the INSURER’S request to assist in the investigation or defence of the claim or “action”, including actual loss of earnings up to a day because of time off from work.
- 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
Why Do I Need E&O Insurance?
In an environment where the public is quick to assign blame and initiate lawsuits, it is critical professionals take measures to protect themselves, their businesses and their reputations from allegations of negligent acts. Errors and Omissions (E&O) insurance is the kind of protection that is recommended for these allegations or threats, whether or not they have merit.
The effective date of your certificate will be the date your application and premium are received by HDF Insurance. Premiums will not be prorated for late entries. If a “claim” is made during the gap in coverage, the policy will not respond regardless of when the actual error was made.
Claims Made Policies
As the name indicates, Claims Made Policies provide coverage for claims made in the period the policy is in force. Claims made policies 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 Extending 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.