Boxing Promoters Get N.Y. Insurance Policy
When mixed-martial arts was legalized in New York, it spelled doom for the boxing world: the new insurance regulations put in place by the Athletic Commission made putting on shows nearly impossible for promoters, and planned New York events were cancelled or moved to other states.
Now, an insurance company is reportedly offering a policy for promoters for the massive costs put in place by the new MMA bill. According to ESPN’s Dan Rafael, "New York’s Department of Financial Services, the state agency that worked with the insurance industry, has approved a policy that the United States Fire Insurance Co. is getting set to make available to promoters."
The policy is expected to be approved in time for the first boxing event of 2017, which is a a super-middleweight unification fight between Badou Jack and James DeGale.
The MMA Bill that came into effect on Sept. 1 raised insurance costs from $10,000 to $50,000 for a fighter’s general coverage and added a $1 million traumatic brain injury provision. That policy was heavily criticized by boxing promoters and fighters alike, and the sport has been absent in New York since it came into effect.
Now, the sport is able to return to New York, but the larger issues of the MMA Bill remain. The insurance policy will be incredibly costly, meaning that only the largest of boxing promotions will be able to consistently put on shows in the state.