Chance Warmack to receive nearly USD 3 mn on loss of value insurance policy

Philadelphia Eagles offensive lineman Chance Warmack is about to receive nearly $3 million from Lloyd's of London on a loss-of-value insurance policy.

Philadelphia Eagles offensive lineman Chance Warmack is about to receive nearly $3 million from Lloyd's of London on a loss-of-value insurance policy, ESPN reported Thursday.

Warmack, who was the 10th overall pick in the 2013 draft by the Tennessee Titans, took out an insurance policy that would allow him to collect if his second NFL contract was less than $20 million.

After the Titans declined his fifth-year option of $11.09 million, Warmack's next contract was a one-year, $1.5 million deal with the Eagles, signed in March 2017. So he filed a claim with Lloyd's of London and the insurance company approved the payout earlier this week, per the report.

Warmack's broker, Ronnie Kaymore, told ESPN that Warmack is the first NFL player to collect on a loss-of-value insurance policy.

Warmack, 26, has a one-year deal worth $2.5 million with the Eagles for the 2018 season.

Warmack started all 46 games in which he played over his first three NFL seasons with the Titans. But in 2016, he was placed on injured reserve after Week 2 with a hand injury.

Last season, he played in 11 games and started three times for the Eagles.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)