Eagles' Warmack 1st NFLer to collect from loss-of-value insurance policy

Philadelphia Eagles offensive lineman Chance Warmack will collect a maximum payout of $3 million from a loss-of-value insurance policy. He's the first-ever NFL player to receive money from this type of policy, according to Darren Rovell of ESPN.

Warmack, the 10th pick of the Tennessee Titans in the 2013 draft, took out a policy that would be triggered if his second NFL contract was less than $20 million, sources told Rovell.

He signed a one-year, $1.5-million deal with the Philadelphia Eagles last season.

At least eight college football players have collected on loss-of-value policies in the past 10 years.