Inside The Industry: FSU Foots Bill for Star Player’s Insurance Policy
Florida State University is reportedly planning to pay the premium for an insurance policy that could pay star quarterback Jameis Winston up to $10 million in the event an injury affects his future professional career. Winston was instrumental last year in leading the FSU Seminoles to a national championship and was awarded the Heisman Trophy as a freshman.
Experts predicted Winston would have been a first round National Football League draft pick this year. Winston, however, was prevented from entering the draft due to an NFL rule requiring all players to wait three years after graduating from high school. Winston’s family has indicated they expect him to play for two more years.
According to several media reports, the insurance policy could pay Winston up to $10 million for “loss of value,” coverage in the event an injury causes him to fall out of first round of the draft. It also provides standard disability insurance.
That National Collegiate Athletic Association has a loan program that athletes can access to purchase a disability policy. However, no such program exists for loss of value coverage, which then requires the athlete to obtain private funding. In Winston’s case, the premium is estimated to be up to $60,000 annually.
FSU has yet to say how it plans to pay the premium for the coverage. At a recent Atlantic Coast Conference media day, FSU Head Coach Jimbo Fisher said paying for the coverage would be a win-win for both the university and Winston. “To me, that’s the greatest thing going on in college sports today because it keeps kids in school,” Fischer told reporters. “If I know the money is guaranteed, I can stay and get a college degree.”
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