If Teddy Bridgewater doesn’t get picked in the first round of next month’s NFL draft, and can prove he has an injury or illness, he will collect a tax-free $5 million dollars, which is a pretty big chunk of change. According to ESPN.com Teddy purchased an additional 5 million dollars worth of insurance on top of his 10 million total disability policy and supplemented it with a 5 million in loss of value insurance.
Because loss-of-value insurance is connected to an injury policy, the only way an athlete can collect from falling in the draft is if it’s as a result of getting hurt or being ill.
When Bridgewater bought the loss-of-value policy for less than $20,000, he was projected to be the No. 3 pick in the draft, and a source with knowledge of the policy said he’ll start to collect money if he falls out of the top 11. With each drop in draft slot after that, Bridgewater will pick up hundreds of thousands of dollars.
The actual loss of value between being picked No. 3 in this year’s draft versus No. 33, the first pick in the second round, is about $15 million. But if Bridgewater can prove that his slip had to do an injury or illness, the policy will result in him getting $5 million back.
This is an awesome thing, especially with the way the legal system is working now-a-days. Shoot last week a Buffalo Bills fan sued because he received 6 text messages when the team said they would only send around 4. 2 text messages garnished that man 3 million dollars, I expect a person that has been playing football his entire life has an injury somewhere. All he has to do is get a doctor to prove it and the man has 5 million.