Horse Racing Fund Looks for Private Market Coverage as State Fund Hikes Premium 56%

A risk pool covering workers' compensation for horse racers in New York is looking for insurance on the private market after learning that the state fund will raise its premiums 55.8% next year. Rick Violette, president of the New York Jockey Injury Compensation Fund, told the Daily Racing Forum that the State Compensation Insurance Fund is raising its workers' compensation premiums to $6.7 million in 2015, a 55.8% increase from the $4.3 million it paid this year. In response to the rate hike, Violette said the fund is looking at the commercial market for cheaper options. The in...