Philadelphia Eagles offensive lineman Chance Warmack has become the first NFL player in history to collect on a loss-of-value insurance policy.
An ESPN report states Warmack, aged 26, took out an insurance policy with Lloyd’s of London that would allow him to cash in if his second contract with the NFL was less than US$20 million (about £15.3 million).
The offensive lineman was the number 10 pick by the Tennessee Titans in the 2013 draft. He stayed with the Titans for four years before they declined his fifth-year offer of US$11.09 million in March 2016. That decision followed a hand injury, which cost Warmack 14 games in the 2015 season.
Warmack then signed a one-year deal worth US$1.5 million with the Philadelphia Eagles in March 2017. The value of the deal, significantly less than US$20 million, meant he could file a claim with Lloyd’s of London on his loss-of-value insurance policy.
According to ESPN, Warmack was informed by Lloyd’s of London earlier this week “that he would receive the maximum payout of about US$3 million (about £2.3 million)”.
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