Lockton unveils accident coverage program for jockeys
The National Thoroughbred Racing Association (NTRA), Lockton Insurance Brokers, and Burns & Wilcox Brokerage have crossed the finish line in development of a new jockey accident coverage insurance program for racetracks. The new policies are available immediately and representatives from Lockton Insurance Brokers and Burns & Wilcox Brokerage will be on hand to discuss the benefits throughout Eclipse Awards Weekend in Hallandale Beach, Fla., Jan. 16-18, and during the Jockeys' Guild Assembly in Hollywood, Fla., Jan. 19-20.
The NTRA's insurance program brings new insurance capacity to a very limited market of insurers willing to write these risks. The program provides enhanced coverage terms and competitive pricing, along with potential premium rebates for favorable losses.
"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."
The program will be open to all insurance brokers to ensure that tracks see the benefits of the program's competitive pricing. "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.
NTRA Safety and Integrity Alliance standards recommend that in racing states where workers compensation benefits are not afforded jockeys by statute or regulation, racetracks should maintain a minimum standard of $1 million worth of accident medical expense coverage per incident for all jockeys.
"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've also made it easy for companies to provide their submission with just three items: a completed Jockey Accident application, a five-year claims listing, and a copy of their current Jockey Accident policy," explained Mitilier. "It's a simple submission that enables us to begin the process."
Lockton's Gaming, Entertainment & Sports team is a specialized and dedicated group of professionals that gathers and shares the latest market intelligence on risk, insurance benchmarking, and safety best practices to drive the most comprehensive coverage and business results for clients.