Ifo Ekpre-Olomu set to collect on $3 million insurance policy

CHICAGO -- Of all the NFL draft prospects who went to bed unchosen Friday night after the third round of the draft, Ifo Ekpre-Olomu had to have slept the best.



A former Oregon cornerback once considered a potential first-round pick, Ekpre-Olomu ended up being taken in the seventh round (No. 241 overall) by the Cleveland Browns, but a $3 million insurance policy protecting him from slipping in the draft triggered when the last compensatory pick of the third round -- the Cincinnati Bengals choice of TCU linebacker Paul Dawson -- was made with Ekpre-Olomu's name yet to be called.

According to ESPN.com, the insurance company, International Specialty Insurance, projected Ekpre-Olomu as the No. 12 overall pick of the first round at the time the policy was signed. Subsequently, Ekpre-Olomu's senior year ended when he tore knee ligaments during the Ducks' preparations for the postseason. According to the report, Ekpre-Olomu's policy was already triggered to pay a partial claim when he fell out of the first round, and now will pay out the full amount.

Under an NCAA provision that allows colleges to pay insurance premiums for loss-of-value insurance, Oregon covered the premium of about $40,000 for Ekpre-Olomu, according to the report.

Follow Chase Goodbread on Twitter *@ChaseGoodbread*.

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