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Member, Beacon International Group, Ltd.
The National Thoroughbred Racing Association, Lockton Cos. L.L.C., and Burns & Wilcox Brokerage have launched a jockey accident medical coverage for racetracks.
The policy covers licensed jockeys participating in racing events, and is available to Thoroughbred and Quarter Horse racetracks and racinos, according to information provided by San Francisco-based Burns & Wilcox Brokerage, a unit of Kaufman Financial Group.
The coverage is written through Swiss Re Ltd. and Lloyd’s of London, with limits available of up to $1.5 million, a spokesman for Burns & Wilcox Brokerage said. Higher limits are available on a case-by-case basis, he said.
The policy includes such coverages as accidental death, coma, rehabilitation, trauma counseling, and rain day credit, according to Burns & Wilcox Brokerage.
“Having worked on racing risks for nearly two decades, I have seen firsthand the volatility surrounding jockey accident insurance coverage due to the risks inherent in the sport,” Jared Mitilier, leader of Lockton’s gaming, entertainment, and sports practice, said in the statement. “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.”
Lockton Cos. L.L.C. has entered into a three-year exclusive agreement with the National Thoroughbred Racing Association to lower racetracks’ total cost of risk while offering discounts to tracks accredited by the association’s Safety and Integrity Alliance.