Posted: March 22, 2019
New York trainers have a new option for securing workers’ compensation insurance for their employees, excluding exercise riders.
Insurance Office of America has been approved to offer workers’ compensation policies to horsemen, effective immediately. The New York Thoroughbred Horsemen’s Association believes that adding new providers will encourage more competitive rates and help to bring down the cost of workers’ compensation in the state.
“Anything that drives competition in the marketplace is good for the consumer,” NYTHA President Joe Appelbaum said. “This development builds upon the 14% reduction in costs that were announced last fall, and the decrease in the base rate for the Jockey Injury Compensation Fund. We recognize that many trainers have long-term relationships with their current brokers, yet we urge our horsemen to explore all options to get the best possible pricing.
“It might take a little bit of homework, but you need to be aware of when your current policy is up for renewal, and do the research to find the best plan for the lowest price ahead of time. Trainers also need to be aware that there are penalties for early withdrawal from workers’ compensation policies.”
IOA will offer all the same amenities and protections currently available to stable employees, including “All State Endorsements” for those that need coverage in multiple states.
“Workers’ compensation has been a long and winding road in New York,” said Martin Panza, Senior Vice President of Racing Operations for the New York Racing Association. “With this opportunity, IOA offers New York horsemen a chance to reduce their expenses with concern to their stable staff. NYRA will continue to work with NYTHA and our horsemen in ways to further reduce the cost of doing business in New York.”
For assistance in contacting workers’ compensation providers in the state, including IOA, please call the NYTHA office at (718) 848-5045.