At a meeting of the New York State Athletic Commission in Manhattan on August 3, the much ballyhooed (and feared) hike in insurance premiums relative to NY boxing was confirmed. The basic health insurance minimums are increasing from $10,000 to $50,000, and promoters will be required to purchase a $1 million insurance bond in the event of a catastrophic injury such as in the case of Magomed Abdusalamov. The increase in health insurance minimums will make it more costly to stage a fight, but some states already require $50,000 so this seems manageable. However, the $1 million insurance bond has promoters asserting that no insurance firm would underwrite such a policy at an affordable rate.
At the aforementioned meeting, NYSAC reps expressed hope that the regulation would be amended. As one boxing writer notes, the increase in insurance costs works a particular hardship on promoters Lou DiBella of DiBella Entertainment and Joe DeGuardia of Star Boxing who are credited with keeping New York City competitive.
“We respectfully request that the NYSAC eliminate the life-threatening traumatic brain injury limit set forth,” they wrote in a joint statement given to the commission. They also called the $1 million figure “unnecessary” and “arbitrary.”
Notwithstanding the Draconian implications of the above, casinos like the Turning Stone in Verona that are being run by tribal commissions who have their own rules and regulations might see increased interest in their venues.
Stay closely tuned to this one.
