KUALA LUMPUR, 8 JULY 2021 – Chubb Insurance Malaysia Berhad (Chubb), its registered agency, 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 programme 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 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 an 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.
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 31,000 people worldwide.
Chubb’s operation in Malaysia (Chubb Insurance Malaysia Berhad) provides a comprehensive range of general insurance solutions for individuals, families and businesses, both large and small through a multitude of distribution channels. With a strong underwriting culture, the company offers responsive service and market leadership built on financial strength. Chubb in Malaysia has an extensive branch network and more than 2,600 independent distribution partners (agents).
About The Malaysian Pharmacists Society
The Malaysian Pharmacists Society (MPS) is the national association for pharmacists. Formed in 1967 it aims to promote and maintain the honour and interests of the profession of pharmacy in the country. It also aims to uphold and enhance the standard and ethics of the profession.
Members of the Society are from all sectors of Pharmacy practice in the government and private sector.
About Minaris Corporate Solutions
Minaris Corporate Solutions is a subsidiary of Minaris Risk Management Sdn Bhd which was founded in 2005 in a collaboration between KH Chew and Tower Strong Group of Companies (TSGC). Prior to that KH Chew had already been in the insurance business for 11 years. In 2010 KH Chew bought out TSGC’s share and charted a course towards becoming a boutique insurance advisory, serving businesses that require niche insurance services throughout Malaysia and beyond. Thus far the mission has been fruitful and the journey continues.
Minaris offers customizable insurance programs for both industrial and commercial risks; implementing risk management and loss prevention solutions for clients. Minaris is a specialist developer of professional indemnity scheme for Professionals. Enabled and facilitated by Minaris, the Pharmacists Professional Indemnity Scheme is the first of its kind professional indemnity scheme developed exclusively for Pharmacists.
Minaris has a large array of insurance underwriters available. This enables Minaris to offer clients and agents a wide range of protection schemes. Among Minaris' insurance partners are Chubb and numerous conventional insurers and Takaful operators.
Chubb Insurance Malaysia Berhad
Phone: +603 2058 3315
The Malaysian Pharmacists Society
Mr Tan Zhi Shan, Sujata
Media & Publicity Chapter
Phone: +60 16 686 1874
Minaris Corporate Solutions
Phone: +604 818 0170 / +60 19 448 0049