Traditional Chinese Medicine Catching up with 20th Century Insurance Requirements

RICHMOND HILL, Ontario - Feb. 25, 2014 - PRLog -- Feb. 10, 2014, Markham On. -- Less than one year ago the Province of Ontario's Traditional Chinese Medicine (TCM) Act, 2006 came into effect.

As of April 1, 2013 TCM Practitioners have been required to located and procure insurance.

Traditional Chinese Medicine and Acupuncture Professional Liability Insurance protects practitioners against legal liability for claims of financial loss arising out of mistakes or negligence in the performance of professional services and advice, According to Corey Chan, Partner and spokesman for one of the Region’s largest suppliers of TCM insurance.

"According to College Policy, A practising member must carry and provide to the College proof of professional liability insurance with an insurer that is licensed with the Financial Services Commission of Ontario," said Andy Leung, Partner at www.BrokerTeam.ca Insurance located in the areas.

Several practitioners had attempted to delay the oncoming regulations due to training and other inequities; many learned their profession from information and training handed down, or by overseas programs less documented. However in surveys, regular users of the methods and medicines were more comfortable with the new requirements.

Markham, Richmond Hill and Waterloo are all Ontario areas showing active interest and use of Traditional Chinese Medicine, he adds, making new packaging and tailored offerings regionally helpful to both Doctor and Patient, Leung added.

According to the College, a minimum coverage of no less than $1,000,000 per claim is required, with aggregate coverage no less than $5,000,000 and a deductible of no more than $1,000 per claim.

"There are also a number of complexities involved in TCM & Acupuncture’s professional liability insurance," says Leung, a provider must have the expertise and market access to guide TCM Practitioners through those complexities while still offering affordability. Our package meets all the requirements and at the most affordable rate found to date," he notes.

While all insurance programs must carry a minimum of inclusions, Leung says some offer more and advises TCM Practitioners shop around for their insurance needs.

"www.BrokerTeam.ca offers packages for TCM clinic owner, for instance, a client that already has the TCM Professional Liability package with us will receive a special discount. It's well worth the effort of looking around before signing," up he said.