Pharmacy

Tailored industry coverage

 

Why purchase tailored coverage?

Pharmacies experience specific exposures. Get coverage tailored specifically crafted for your pharmacy clients’ risks, such as broad professional services description built right into the form. 

Appetite

Actively targeting

  • Retail pharmacy
  • Mail order services
  • Closed door pharmacy
  • Compounding pharmacy
  • Veterinary pharmacy
  • Radiopharmacy
  • Infusion pharmacy
  • Vaccinations services

 

Excluded

  • Wholesale pharmacies
  • Registered outsourcing facilities
Capacity

$10M capacity on primary or excess basis

Coverage & Benefits
  • Affirmative coverage for: 

    • Duty to warn
    • Prescription filling services carved back in the products liability exclusion
    • Pollution exclusion carved back for medication consumed by patients
  • Included as insureds: 
    • All non-physician employees, independent contractors, students and volunteers – including pharmacists
    • Physicians employed or contracted to prescribe or order vaccinations
  • Waiver of retention available for compounding and retail pharmacies following exemplary risk management standards
  • Duty to defend
  • Claim mad and reported coverage with an incident trigger
  • 50/50 hammer clause available by default
  • Defense costs in addition to the limit available for additional premium
  • Loss only retention option
  • Bilateral extended reporting period 12/24/26 months for 75% / 150% / 225%
Industry stats
  • 61,417 businesses 1
  • 17,790 specialty pharmacies 1
  • 70% of pharmacies have 2 pharmacists or less 1
  • 2011-2016 there was a 2.3% annual growth 2
  • 2016-2021 is projecting 6.1% annual growth 2

Source:
1 National Pharmacy Market Summary (2016)
2 IbisWorld. Pharmacies and Drug Stores Market Research Report. NAICS44611. April 2016.

Related products

Package Pharmacy coverage with the following products: General Liability, Cyber, Crime, and Technology.

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Claims scenarios 

Not sure what risks our product covers? We’ve brought some scenarios to life.

Wrong dosage

A retail pharmacy fills a prescription with 10 times the prescribed dosage of a blood thinner because a pharmacy tech made an error inputting the order. The patient experienced a brain hemorrhage and other injuries that could have contributed to her death.

Wrong dosage

A retail pharmacy fills a prescription with 10 times the prescribed dosage of a blood thinner because a pharmacy tech made an error inputting the order. The patient experienced a brain hemorrhage and other injuries that could have contributed to her death.

Wrong drug

A patient receives diabetes medication instead of anti- cholesterol medication and has to seek treatment at an emergency room due to an adverse reaction to the improper medication.

Wrong drug

A patient receives diabetes medication instead of anti- cholesterol medication and has to seek treatment at an emergency room due to an adverse reaction to the improper medication.

Contaminated prescription

Equipment used to compound sterile prescriptions is not cleaned to the proper standards and the resulting compounded drugs are contaminated. Multiple prescriptions were compounded on the same equipment and all of the patients that received these prescriptions became ill with the same infection.

Contaminated prescription

Equipment used to compound sterile prescriptions is not cleaned to the proper standards and the resulting compounded drugs are contaminated. Multiple prescriptions were compounded on the same equipment and all of the patients that received these prescriptions became ill with the same infection.

Failure to warn

A wrongful death claim is filed against both a physician and pharmacy for alleged failure to warn that medications prescribed by the physician and filled by the pharmacy were excessive and had harmful interactions.

Failure to warn

A wrongful death claim is filed against both a physician and pharmacy for alleged failure to warn that medications prescribed by the physician and filled by the pharmacy were excessive and had harmful interactions.