Pharmacy Technician Society of British Columbia

The Pharmacy Technician Society of British Columbia (PTSBC) has designed a Professional Liability Insurance Program exclusively for PTSBC Members. PTSBC 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.

PRORATED PREMIUMS

Prorated (half term) premiums will be available for application on or after July 1. Please contact us directly if you have any questions regarding the upcoming prorated premiums.

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Program Highlights Include:

Choice of limits, subject to terms and conditions.

  • $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 (What is this?)
  • Includes Penal Defence reimbursement for up to $ 25,000 (What is this?)
  • Retirement / Death / Disability / Cessation of business (What is this?)
    • Year one (1) to Year three (3) – Included
    • Year four (4) and each and every year thereafter to maximum of 6 years in total – Fifty per cent { 50% } of the last active year’s premium
  • Cyber Security and Privacy Liability Extension (What is this?)
  • Loss of Earnings (What is this?)

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.

Why You Need E&O Insurance View Policy Documentation

Important Information

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.


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