Jockeys to See 15% Cut in Premiums for 2021

Tuesday, January 5, 2021 | 0

After several years of increases in workers' compensation costs, horse racing in New York State will see another drop in premiums in 2021.

The Thoroughbred Daily News reported that the New York Jockey Injury Compensation Fund, known as NYJICF, will drop premiums by 15% this year, thanks in part to a new, high-deductible insurance plan.

“The NYJICF is building upon the incredible progress the New York racing community has made on workers’ compensation in the past three years,” said Joe Appelbaum, president of the New York Thoroughbred Horsemen's Association.

The Jockey Fund has lowered the cost for jockeys and exercise riders by $4,000 per trainer and $500 per owner in the past two years, and premiums for grooms and hotwalkers have been reduced by 36%, the fund has said.

The Thoroughbred Association also teamed with the New York Racing Association to approve the use of $2.25 million from the purse cushion as collateral for the high-deductible plan.

The reduced premiums in 2021 will help offset the weeks of racing revenue lost to the COVID-19 pandemic and social distancing requirements.