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As president of Louisiana Horsemen’s Benevolent and Protective Association 1993, Inc. (“1993, Inc.”), I’m sending this today because of concerns I have with our workers’ compensation insurance program. Last week, the trustees of the Horsemen’s Workers’ Compensation Insurance Trust (“Insurance Trust”) voted to change the agent of record with Midlands Insurance, a wholesale broker through whom the excess insurance and out-of-state coverage is obtained.
In connection with the renewal of the workers’ compensation program for the 2013-2014 year, the trustees recently received renewal quotes. There are two parts to a quote. The first part consists of the premium for the excess coverage on in-state claims and the out-of-state coverage. The second part is the fee paid to the retail broker or agent who procures the coverage. In the past, the fee has compensated the agent or broker for the time and effort expended in obtaining the quote and negotiating the premium to an affordable level.