KANSAS CITY, Mo., Jan. 13, 2015 /PRNewswire/ -- 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.
Racetracks and associations interested in the jockey accident program can reach Jared Mitilier at (949) 252-4424 or [email protected]. Brokers can reach Evan Bull at (646)-571-2353 or [email protected] for more information and to begin the submission process.
More than 5,300 professionals at Lockton provide 41,000 clients around the world with risk management, insurance, and employee benefits consulting services that improve their businesses. From its founding in 1966 in Kansas City, Missouri, Lockton has attracted entrepreneurial professionals who have driven its growth to become the largest privately held, independent insurance broker in the world and 10th largest overall. Independent researcher Greenwich Associates has awarded Lockton its Service Excellence Award for risk management for large companies. For six consecutive years, Business Insurance has recognized Lockton as a "Best Place to Work in Insurance." To see the latest insights from Lockton's experts, check the Lockton Market Update blog.
About Burns & Wilcox Brokerage
Burns & Wilcox Brokerage is a distinct business unit of The H.W. Kaufman Financial Group. Dedicated exclusively to wholesale insurance brokerage, Burns & Wilcox Brokerage includes a highly specialized team serving the largest retailers worldwide. More information can be found at www.burnsandwilcoxbrokerage.com.
About The H.W. Kaufman Financial Group
Founded in 1969 and headquartered in Detroit/Farmington Hills, Michigan, The H.W. Kaufman Financial Group includes a global network of companies that serve insurance brokers, agents and carriers. The company is a leader in insurance distribution, brokerage, underwriting, reinsurance, real estate, premium financing, inspections, audits, risk management and third party claims administration. The Kaufman Financial Group employs more than 1,400 professionals spanning 50 offices across the United States, Canada and United Kingdom. More information can be found at www.kaufmanfinancialgroup.com.
About the NTRA
The NTRA is a broad-based coalition of more than 100 horse racing interests and thousands of individual stakeholders consisting of horseplayers, racetrack operators, owners, breeders, trainers and affiliated horse racing associations, charged with increasing the popularity, welfare and integrity of Thoroughbred racing through consensus-based leadership, legislative advocacy, safety and integrity initiatives, fan engagement and corporate partner development. The NTRA owns and manages the NTRA Safety and Integrity Alliance, NTRA.com, the Eclipse Awards, the National Handicapping Championship, NTRA Advantage, a corporate partner sales and sponsorship program, and HORSE PAC, a federal political action committee. The NTRA has offices in Lexington, Ky., and New York City. NTRA press releases appear on NTRA.com, Twitter (@ntra) and Facebook (facebook.com/1NTRA).