Chance Warmack Becomes 1st NFL Player to Collect Loss-of-Value Insurance Policy

Offensive lineman Chance Warmack signed with the Philadelphia Eagles last offseason on a one-year, $1.5 million deal, and according to ESPN.com's Darren Rovell, that triggered a loss-of-value insurance policy Warmack established. 

Per that report, "Warmack took out an insurance policy that would have him collect if his second contract in the NFL was less than $20 million, sources told ESPN."

Warmack is reportedly the first NFL player to cash in on such a policy and was "informed by Lloyd's of London this week that he would receive the maximum payout of about $3 million."

Warmack, 26, was the No. 10 overall pick by the Tennessee Titans in the 2013 NFL draft. After his first four seasons with the Titans, he signed a one-year deal in Philly last offseason, making three starts. 

He largely hasn't lived up to his billing as a top-10 pick, though he did start 46 of a possible 48 games in his first three seasons. A hand injury cost him 14 games in 2016, however, his last with the Titans. 

Coming into this season, Bo Wulf of The Athletic broke down his place on the Eagles roster, calling him "a replacement-level guard who offers less positional versatility than you might like in a backup offensive lineman."

In September, the Eagles signed Warmack to an extension through the 2018 season. He's expected to serve as a backup guard behind Stefen Wisniewski and Brandon Brooks.