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Professional Liability/Malpractice Insurance FAQs

Professional Liability Insurance

Q: Why should this coverage be purchased?

  • Allegations of professional misconduct should be investigated and handled by specialized legal experts that employers either do not have access to or are not in a position to provide for their staff.
  • Professional advice given outside the place of employment may not be covered by the employer's liability insurance program.
  • The scope of coverage and the limit of liability of the employer's liability insurance program is highly variable.
  • Independent professionals (those that are self-employed) are not covered by an organization's corporate liability insurance and must secure their own coverage.
  • Legal costs incurred in the successful defence of a criminal action are generally not recoverable from the employer.

Q: What are the coverage highlights of Trisura's Professional Liability Insurance program?

  • There is a broad definition of “Professional Services” to provide coverage for services usual to a pharmacist, such as opinions, advice, consulting, medication counseling, prescribing authority, task force and committee activities, public speaking, the development of position papers, community practice.
  • There is a broad definition of “Insured” to include any present or former employees of the insured member, as well as students and interns acting under the direct supervision of an insured member.
  • Prior acts are covered and the policy is on a “claims-made” basis.
  • The policy includes reimbursement for legal expenses incurred while under a disciplinary investigation by a professional body regulating your profession, up to $150,000 each policy period.
  • The policy includes reimbursement for legal expenses incurred in the successful defence of a criminal proceeding.
  • There is Extended Reporting Period coverage available for up to five (5) years for claims made after retirement or in the event of non-renewal, for professional services rendered prior to retirement or non-renewal. The additional premium schedule is:
    1 Year – 150% of your most recent annual premium
    2 Years – 175% of your most recent annual premium
    3 Years – 200% of your most recent annual premium
    5 Years – 250% of your most recent annual premium

Commercial General Liability Insurance

Q: Who needs this coverage?

  • Members who are independent contractors (i.e. a self-employed individual)
  • Members who lease office space
  • Members who visit patient sites
  • Members who conduct educational / training seminars
  • Members who write articles in publications

Q: What are the coverage highlights of Trisura's Commercial General Liability Insurance program?

  • Coverage is provided for bodily injury and property damage suffered by others arising out of a member's “non-professional” activities.
  • There is coverage for personal injury and advertising injury liability.
  • Tenants Legal Liability provides coverage for property damage for which the member is responsible, to property that is owned by the member's landlord.
  • Limits of Insurance of $1,000,000 to $5,000,000 may be purchased.

General Questions:

Q: How long does it take to process the insurance application?

  • Once you've completed the on-line application and your credit card payment is approved, coverage is immediate and is effective the date that the on-line application is signed and dated.

Q: When will I receive confirmation of coverage?

  • Confirmation is immediate. You can print out a copy of your Certificate of Insurance right away.

Q: What is the policy term?

  • The policy term is from July 1st to June 30th. Applications submitted mid term will be subject to a quarterly discount as follows:
    • November 30 to March 31 where a discount of 25% will apply; and
    • April 1 to June 30 where a discount of 50% will apply.

Q: If I cancel my policy mid-term, am I entitled to a refund?

  • No, all premiums are considered fully earned. This means that there are no refunds for cancelled policies.

Q: Are the insurance premiums taxable?

  • Provincial sales tax may apply, depending on your province of residence (e.g. Ontario insurance premiums are subject to 8% P.S.T. and Quebec residents are subject to 9%).

Q: Who is Benson Kearley IFG?

  • Benson Kearley IFG is a multi-line insurance brokerage based in Newmarket, Ontario. Their specializations include professional liability for healthcare and other professional disciplines.

Q: Who is the insurer?

  • Trisura Guarantee Insurance Company is a Canadian-based insurance company that specializes in professional liability and other corporate risk products.

 

 

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