Report: Ifo Ekpre-Olomu set to collect on loss-of-value insurance
Former Oregon cornerback Ifo Ekpre-Olomu is reportedly going to collect on the loss-of-value insurance policy he had in place before the NFL draft.
Entering the 2014 college football season, Ekpre-Olomu was considered to be a high NFL draft pick. He had a very good 2014 season but suffered a torn ACL in the middle of December while Oregon was preparing for the College Football Playoff.
He fell all the way to the seventh round of the 2015 NFL draft where he was selected by the Cleveland Browns. He would be the first player to collect on a policy of its nature. According to CBS Sports, he had a $3 million policy.
“That claim is close to getting paid,” said Lerner, the Gainesville, Florida-based head of Total Planning Sports Services.
Lerner added the claim should be paid in the next 30-60 days. Ekpre-Olomu was the 241st player taken in the draft by Cleveland. Loss of draft value claims are paid if a player slips one round lower than projected previously by a panel of draft experts.
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Marcus Mariota also had a loss-of-value insurance policy in place for 2014. As the No. 2 overall pick by the Tennessee Titans, there's clearly no claims being made by the 2014 Heisman winner. Oregon paid for the policies of both players. The money comes out of the school's student assistance fund. The NCAA approved a waiver in October 2014 that allowed schools to pay for the policies.
Former Florida State quarterback Jameis Winston also had a loss-of-value insurance policy and so did Texas A&M OT Cedric Ogbuehi.
Given that players are currently unable to capitalize on their likenesses while in college, the policies serve as a nice hedge in case of a situation like what happened to Ekpre-Olomu. Don't be surprised if more and more star college players (LSU RB Leonard Fournette, anyone?) start ensuring that the policies are in place before their final season of college football.
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Nick Bromberg is the assistant editor of Dr. Saturday on Yahoo Sports. Have a tip? Email him at nickbromberg@yahoo.com or follow him on Twitter!
