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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