The National Thoroughbred Racing Association (NTRA), Lockton Insurance Brokers and Burns & Wilcox Brokerage have combined their efforts to launch a new jockey accident program for racetracks.
According to Terry Meyocks, national manager of the Jockeys' Guild, Inc., there are several thousand thoroughbred and quarter horse jockeys in the U.S. He says the new program provides important coverage for injuries and the Guild "is very supportive of it."
"Having worked on racing risks for nearly two decades, I have seen first-hand the volatility surrounding jockey accident insurance coverage due to the risks inherent in the sport," said Jared Mitilier, leader of Lockton's Gaming, Entertainment, and Sports Practice. "We have been able to introduce new insurance capacity, along with creative terms and conditions, and favorable pricing, to a very complex area of insurance. This will make an immediate positive impact on the industry."
Injuries for jockeys can range from bruises and sprains to more serious broken bones, concussions and brain injuries. Since not all states afford workers compensation benefits to jockeys, NTRA Safety and Integrity Alliance standards recommend that racetracks maintain a minimum of $1 million worth of accident medical expense coverage per incident for all jockeys. Hospital costs alone can run into the hundreds of thousands of dollars depending on the severity of the injuries and how long the jockey is hospitalized.
The new program will be open to all brokers so that the tracks can benefit from the program's competitive pricing. The application process has also been streamlined so companies only need to provide three items with their application: a completed Jockey Accident application, a five-year claims listing, and a copy of their current Jockey Accident policy according to Mitilier.
"Adequate coverage for jockeys has been an area of focus for the NTRA as it is one of the requirements of accreditation from the NTRA Safety and Integrity Alliance," said Alex Waldrop, president and CEO of the NTRA. "Our team has worked closely with Lockton to make this obligation more affordable than ever for tracks of any size."
"We have made this program open to all insurance brokers as it is our stated goal to enhance the overall offerings for the horse racing industry," said Evan Bull, National Property Practice Leader for Burns & Wilcox Brokerage.
The new program is available immediately and representatives from Lockton Insurance Brokers and Burns & Wilcox Brokers will be at the Eclipse Award Weekend in Hallandale Beach, Fla., on Jan. 16-18 to answer any questions.
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