Ifo Ekpre-Olomu collects $3M on loss of value policy
Cleveland Browns cornerback Ifo Ekpre-Olomu has collected a $3 million insurance policy after slipping in the NFL draft, reports ESPN’s Darren Rovell.
The NFL’s loss of value policy insures players if their projected draft spot falls. Ekpre-Olomu’s policy is the most collected by any college player.
The University of Oregon and Ekpre-Olomu purchased the loss of value policy before the start of the cornerback’s senior year at the school. When the policy was purchased, the first team All-America athlete was projected to be picked within the top 12 in the first round of the 2015 NFL draft. However, two weeks prior to Oregon’s college football semifinal playoff game against Florida State, Ekpre-Olomu tore his ACL during practice.
As a result of his injury, Ekpre-Olomu was drafted in the seventh round as the 241st overall pick. After losing at least 50% of his value, Ekpre-Olomu was due money as stated in his policy.
Ekpre-Olomu reportedly paid a good deal of his premium, though Oregon did help with the cost.
Despite the policy, the torn ACL still cost Ekpre-Olomu an estimated $4 million based on the contracts of top 12 draft picks.
Ekpre-Olomu is currently on the Browns’ non-football injury list after dislocating his knee. He is likely to miss the entire 2015 season.
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