New York's trainers have a new option for securing workers' compensation insurance for their employees, excluding exercise riders. Insurance Office of America (IOA) has been approved to offer work comp policies to horsemen, effective immediately.
“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.”
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. With this opportunity, IOA offers New York horsemen a chance to reduce their expenses with concern to their stable staff,” said Martin Panza, NYRA's Senior Vice President of Racing Operations. “NYRA will continue to work with NYTHA and our horsemen in ways to further reduce the cost of doing business in New York.”
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