Thoroughbred trainers will soon receive their first payments as part of Racing Queensland’s insurance levy.
Last year, RQ announced that a 1% insurance levy would be placed on thoroughbred prize money for all TAB thoroughbred races in Queensland from January 1, 2024.
Through the subsidy program, 80% of the levy is distributed back to Queensland thoroughbred trainers, with RQ distributing approximately $730,000.
The percentage of this amount is equal to the percentage of a trainer’s premium, as a percentage of all premiums submitted to RQ.
The remaining 20% of the insurance levy is being directed to a Workplace Health and Safety Resource, claims management support and Trainer Public Liability subsidisation.
Racing Queensland CEO Jason Scott said the levy had been introduced on an 18-month trial and was designed to provide several benefits for all Queensland thoroughbred trainers.
“With the first payments set to take place this week, this levy is subsidising 21% of annual WorkCover premium costs for trainers and also supporting the funding of Professional Indemnity and Public Liability,” Mr Scott said.
“It is also designed to encourage the uptake of WorkCover policies.
“With 20% of the levy supporting the funding of WHS enhancements, insurance and training, we are confident this can greatly reduce the likelihood of incidents and create a safer Queensland racing industry.”
RQ is also actively working with WorkCover to improve claims management of Queensland Thoroughbred Trainer insurance claims.
It is crucial that trainers contact RQ to notify of WorkCover or potential WorkCover claims as soon as possible.
You can email or contact RQ by phone and request the Risk and Insurance team (07) 3869 9777.
Click here to provide feedback that will help RQ develop educational resources and tools to support the prevention of injury.
Click here for further information on the insurance levy.