ACCIDENT FUND.

Auckland Star, Volume LXII, Issue 166, 16 July 1931, Page 15

ACCIDENT FUND.

GREAT BENEFIT DERIVED.

TRIBUTE TO THE FOUNDERS

''As one of three general trustees- of the General Trust Fund, commonly referred to as the accident fund, I feel it my fluty to give you some interesting tion in regard to that fund," said tne president of the Xetv Zealand Racing Conference, Mr. 0. S. Watkins, at the annual meeting at Wellington this morning. _ "In the firs place; due credit must be given to those representatives to the conference, who, in 1903, 'were responsible for the inauguration of the fund, and to the members of the sub-committee, consisting of Sir George Clifford, Bart., Hon. Sir Geo. McLean, Hon. J. D. Ormond, Messrs. J. W. Abbott. J. H. Nixon, and G. _ G. Stead, who, under the advice of the Kiglit H6n. Sir Francis Bell, drafted the rules and regulations establishing the fund, which the conference adoptecj. Horse owner*, _ trainers, jockeys and stablemen •'»d derived great benefits from the wisdom and forethought of these gentlemen.

The general trust fund was the forerunner of similar funds which had since, been established by the turf authorities in other countries. During the 28 years the fund had been in operation the accident claims paid amount to £77,827 6/10, and the accident fees received £60.989 9/6. Owners paid £1 for each horse raced by them up to the year 1917, when the accident fee was reduced to 10/. In 1922 the claims paid totalled £6379 15/10. In 1923 the fee was again made £1, and in 1926, when ' the claims paid totalled £6034 18/4, it was found necessary to increase.it to 30/ in order to stabilise the fund. Since 1926 the accident claims paid average a yearly sum of £4515 3/. This year claims p.aid amount to £5434 3/9, and the estimated outstanding claims are £825 1/3.

"Every owner who paid a fee of 30/ a horse each season was relieved of his liability under the Workers' Compensation Act for the payment of compensation arising out of accidents caused by such horse, or any other horse in training owned by him. to the trainer, jockey or stableman attending the horse. In order to obtain similar cover from an insurance company the owner would have to pay premiums on the following basi§i Trainers and etablehands, £4 per centum per annum (no riding in races); jockeys and apprentice jockeye race, riding risk £7 10/ per centum per annum. Consequently a cov r of £1000 on a trainer would cost £40, and a similar cover on a jockey £75. Under the conference accident fund the owner obtained such cover for 30/ —surely a reasonable charge."