Marqise Lee’s Plummet in Draft Could Lead to Big Insurance Payout
Due to a knee injury suffered while still in college, Marqise Lee was taken 39th overall, in the second round by the Jacksonville Jaguars, which was a much lower than he would’ve liked to be taken. However, that may stop him from collecting a hefty check from the Lloyd’s of London insurance policy he purchased while still at USC. The Bleacher Report explains what this form of insurance does for star players, forced by NCAA rules to stay in school:
“Players like Jadeveon Clowney, Manziel and Lee are all at risk of injuries while in college and all three had coverage, though Clowney and Manziel are likely glad they didn’t get to collect. Any injury could take them from a sure thing to a question mark, which could shift their place in the draft. Their financial prospects would take a major hit. By paying for this insurance, which does not come cheaply, a player is protected against that loss.”
Lee’s situation, in which a player receives a large sum of money AND gets to still be drafted highly, is a rare one. He is becoming one of the first players to have the policy pay out the $5 million dollars.
What most don’t know, including the players, is how difficult it is to get this kind of insurance to pay off. In fact, Lee, the former USC wide receiver, is in line to become the one of the first players to have the policy pay. After falling out of the first round, Lee could collect as much as $5 million on the policy he bought in the summer before the 2013 season.
That’s major intelligence shown by the Lee camp. Him and his representatives definitely deserve a pat on the back, but I’m sure they will receive a little more than that.