Pharmacists Mutual Insurance Company Announces New Rates for Individual Pharmacist Professional Liability Coverage – Most Members to Receive Lower Premium

After a comprehensive review of their claims experience, Pharmacists Mutual Insurance Company has begun filing new rates for its Individual Pharmacist Professional Liability coverage.  Thomas Claude, Sr. Vice President of Underwriting and Product Development, commented that “Our overarching goals are to ensure we can honor the promises we make by charging adequate rates, provide excellent service to our members, and minimize as much as possible cross subsidies between members with different risk profiles.”

As a result, Pharmacists Mutual is introducing new rate classes for individuals performing sterile compounding.  Members not performing sterile compounding will receive a modest reduction in premium.  Members performing sterile compounding will see a rate increase to reflect the higher risk inherent in their practice.

The current rate for employed pharmacists in Iowa is $144.  The new rates will be $139 for members not performing sterile compounding and $299 for members engaged in sterile compounding.

The new rates have been approved in Iowa effective August 1 for new policies and October 1 for renewals. The new structure will be rolled out across the country in the next few months.

An exclusion for sterile compounding will be added to policies receiving the lower rate.  Members receiving this rate whose practice includes sterile compounding should contact Pharmacists Mutual and request a policy change.

Pharmacists Mutual expects a significant majority of its members will benefit from the lower rate.

For more information, contact Pharmacists Mutual at 515.295.2461.