THE Pharmaceutical Society of Australia (PSA) is winding down its professional indemnity (PI) insurance offering less than two years after launching the product (PD 04 Mar 2021).
A PSA spokesperson told Pharmacy Daily that the organisation is in the process of contacting all policy holders, stressing they will remain insured until the end of their current policy.
"As a membership organisation, PSA is 100% owned by our members," the spokesperson said.
"We have a responsibility to deliver products and services that serve our members and provide the best value for money to support their practice.
"We regularly scope the market to ensure that we can offer the best available product to support our members."
The decision follows a recent announcement that the PSA and PI insurer, Pharmaceutical Defence Limited (PDL) had formed a partnership to explore new medicines safety initiatives (PD 24 Nov), including the establishment of a Practice Support Liaison Group to provide support for pharmacists and scope of practice across all areas of pharmacy practice.
The PSA spokesperson dismissed reports that PSA PI policy holders would be transitioned to PDL's cover.
"PSA's PI insurance program will be not rolled into PDL's insurance offering," the spokesperson said.
"PSA's decision to discontinue our Member Professional Indemnity Insurance product is a result of a change in insurance market conditions, and advice we received from our insurance provider BMS that they have been unable to place PSA's PI insurance in the coming term.
"All pharmacists currently insured through PSA's Professional Indemnity insurance program with BMS will remain covered until their current policy expires, however PSA has decided not to sign up any new policies.
"PSA is in the process of contacting all insurance holders to advise them of the changes."
The above article was sent to subscribers in Pharmacy Daily's issue from 29 Nov 22
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