After replacing it (JerryJ has the skinny) be sure to bleed the system. It can be tricky and instead of doing it the way it is described in the manual I have had more success bleeding into a jar on the floor. If you don't see flow when you look down into the reservoir it isn't bled yet. The level also has to be topped up after the first drive around the block.
The inverter coolant pump is the closest the Prius ever gets to a high failure rate component. They have been known to fail occasionally.
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