The California Thoroughbred Business League (CTBL) board on Tuesday unanimously approved a subsidy of $2 million from its reserves to be paid to Post Time Self Insurance Group, the entity which insures California trainers for workers’ compensation.
CTBL, Post Time and the California Thoroughbred Trainers (CTT) have agreed to support the creation of a new position of Director of Safety to establish and regulate uniform safety standards and to oversee and coordinate those standards at California tracks and auxiliary training facilities.
“We spent substantial time over the last three months working with the trainers and Post Time to develop substantial improvements in the workers’ comp program, including significant safety initiatives,” said Nick Alexander, TOC chairman and representative on the CTBL board. “I especially want to thank Tim Yakteen, Post Time president and southern California vice-president of CTT, for his important input and the countless hours he contributed to the process.”
“We greatly appreciate this funding from the CTBL,” said Yakteen. “It was vital for the CTT to find an alternative to having the money come out of trainers’ pockets to fund the 2018 Post Time funding shortfall due to negative claim development for that year. We feel that the agreement we reached is one that trainers will wholeheartedly support.”
The California Thoroughbred Business League is a non-profit comprised of racing associations, horsemen’s organizations and fairs. It is responsible for overseeing funds that are utilized to provide workers’ compensations insurance relief for California trainers and owners.
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