Pharmacy Daily | PSA offers ‘low cost’ PI insurance

MEMBERS of the Pharmaceutical Society of Australia (PSA) will have to opt out of a new professional indemnity (PI) insurance scheme launched by the body over the weekend, when they renew their membership.

PSA Member Insurance is set to put the Society in direct competition with Australian pharmacy PI market leader, Pharmaceutical Defence Limited (PDL), which has historically supported PSA events and conferences.

The PSA named BMS Group as its "official and exclusive broker for PSA Insurance - Professional Indemnity", with the global firm facilitating PI cover for members of more than 70 regulated health professional organisations in Australia and Canada, including the Canadian Society of Hospital Pharmacists.

Explaining the rationale for setting up an alternative PI cover the PSA said it was to provide "more choice" with a "low cost and competitive insurance option, designed for pharmacists across different practice settings".

"PSA wants to ensure that pharmacists are supported into the future as their careers evolve," the PSA said.

"As the peak body, PSA sets the practice guidelines for pharmacists and is constantly working with governments at all levels and is perfectly placed to support pharmacists managing risk."

The PSA cover includes a $20 million limit of indemnity per claim for PI and Public and Products Liability, with an annual limit of $60 million.

It also provides unlimited run-off cover when members have a leave of absence or retire, and unlimited retroactive cover for past activities, with cover for "member therapy and counselling expenses in the event of a claim".

The PSA said the PI offering ensured members "have access to the most comprehensive coverage, additional, evidence-based risk management materials, and exceptional service for insurance queries and claims is paramount".

"BMS is a specialist broker dedicated to servicing health associations and their members and will continue to enhance the PSA Insurance for members. "