Silas Redd first to collect from loss-of-value insurance policy

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The $3 million collection on a loss-of-value insurance policy that Cleveland Browns cornerback Ifo Ekpre-Olomu is expected to draw in the coming weeks isn't the first payout of its kind. Washington Redskins running back Silas Redd, formerly of USC, has already collected on such a policy, according to NFL Media's Rand Getlin.

Redd was an undrafted free agent in 2014, but made the Redskins' roster despite injuries that slowed him in the preseason of his rookie year. He had only 15 carries for the Redskins last season, and this year he was placed on injured reserve after suffering a right knee injury in a preseason win over the Browns.

It's unclear how much money Redd cleared with his loss-of-value policy. Ekpre-Olomu was projected as a potential first-round pick as a senior at Oregon last year. His policy was a lucrative one that triggered a partial claim when he wasn't chosen in the first round of this year's draft, and a full claim when he wasn't picked by the end of the third round. A first-round projection never accompanied Redd's draft status, so his policy might have had a lower payout threshold, likely for fewer dollars.

That doesn't make it any less significant for draft prospects, however, particularly those who don't project as high picks. Underclassmen deciding whether to return to college or turn pro early could be more likely to remain in school with the protection of policies like the ones Ekpre-Olomu and Redd have secured.

Follow Chase Goodbread on Twitter *@ChaseGoodbread*.

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