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It’s a sports records nobody wants to break.
Philadelphia Eagles player Chance Warmack is the first NFL player to collect on a loss-of-value insurance policy, ESPN reported Thursday, after confirming the new stat with the player’s insurance broker.
Mr. Warmack, an offensive lineman, took out an insurance policy that would have him collect if his second contract in the NFL was less than $20 million, according to sources reporting to ESPN. Mr. Warmack was the 10th pick of the Tennessee Titans in the 2013 draft and got a one-year deal from the Eagles worth $1.5 million last year — triggering the policy, ESPN reported.
Sources told ESPN that Mr. Warmack filed to collect and was informed by Lloyd's of London this week that he would receive the maximum payout of about $3 million. Mr. Warmack's broker, Ronnie Kaymore of KBM Sports in New Jersey, would not confirm details of the policy, which was underwritten by International Specialty Insurance.
Loss-of-value policies are more common among college players, ESPN says, because they seek to protect their financial future should they get hurt before they get drafted. At least eight college players have collected on loss-of-value policies in the past decade, ESPN reported.
Upon reflection, perhaps “RentAHitman.com” wasn’t the best choice for a domain name.