Source: Chubb, 8 July 2021
Chubb Insurance Malaysia Berhad (Chubb), its registered agent, Minaris Corporate Solutions, and the Malaysian Pharmacists Society (MPS) have signed a Memorandum of Understanding (MOU) for a partnership to offer Professional Indemnity Insurance to the members of MPS.
Pharmacists, like other healthcare providers, are vulnerable to professional liability claims. The Professional Indemnity Insurance scheme, underwritten by Chubb, was created comprehensively with the help of healthcare providers, bearing in mind the current trends and responsibilities associated with their scope of practice.
“MPS has been working towards the goal of protecting pharmacists and the launch of this Professional Indemnity Insurance scheme is significant and timely. This scheme has been made available for all MPS members as their risk for professional liability claims has increased, especially with the roll-out of the COVID-19 vaccinations and the MQuit program in the country,” said Amrahi Bin Buang, President of the Malaysian Pharmacists Society.
“We are indeed humbled to be the bridge in the development of this scheme, the first of its kind developed exclusively for pharmacists. I would like to thank the Malaysian Pharmacists Society and Chubb for making this collaboration possible,” said KH Chew, Founder & CEO of Minaris Corporate Solutions. “With their role becoming increasingly complex, we encourage all pharmacists to sign up for this Professional Indemnity scheme as soon as possible,” he added.
Under this Professional Indemnity Insurance scheme, pharmacists will be protected against potential civil liability claims arising from an error or omission in the provision of professional healthcare services, such as negligence and vicarious liability.
As the scheme is crafted specially for pharmacists, retroactive and automatic run-off coverage can be provided at no additional cost. This would give pharmacists peace of mind, knowing they are deemed covered for unknown events prior to purchasing this insurance or even after they cease their practice completely.
The scheme also covers good Samaritan acts, intellectual property infringement or loss of documents. In addition, the scheme can also provide pharmacists with the advancement of defense costs and legal representation expenses should there be any legal action involved.
“As we strive to protect and support the livelihood of pharmacists across the country, we are pleased to work with Malaysian Pharmacists Society and Minaris Corporate Solutions to develop and launch this comprehensive coverage,” said Steve Crouch, Country President for Chubb in Malaysia. “Chubb has been underwriting Professional Indemnity Insurance for decades and we are well-versed in the risks associated with the evolving healthcare landscape. I am confident that pharmacists will benefit greatly from the features and benefits of this new insurance scheme,” he added.