Report: Silas Redd First to Collect “Loss of Value” Insurance

Aug 28, 2014; Tampa, FL, USA; Washington Redskins running back Silas Redd (24) runs with the ball against the Tampa Bay Buccaneers during the second half at Raymond James Stadium. Washington Redskins defeated the Tampa Bay Buccaneers 24-10. Mandatory Credit: Kim Klement-USA TODAY Sports

Former USC running back Silas Redd is the first player ever to collect on “Loss of Value” insurance after going undrafted in 2014, according to Rand Getlin of the NFL Network.

Sources tell me former #USC RB Silas Redd is the 1st known player to ever collect on a "Loss of Value" insurance policy purchased in college
— Rand Getlin (@RandGetlin) October 5, 2015

Redd, who transferred to USC from Penn State before the 2012 season, played just six games for the Trojans in 2013 as he battled nagging knee injuries. After spraining his knee against Cal, he missed two games then saw limited action against UCLA and missed the bowl game against Fresno State completely.

When preparations for the NFL draft came around, Redd was slowed by his injuries and was not selected. He was ultimately signed by Washington and earned a spot on the 53-man roster. He had 16 attempts for 75 yards and a touchdown in 2014, but tore his ACL this summer and is now on injured reserve.

Getlin did not give details as to how much Redd’s policy paid out.

USC has had other players attempt to collect on “Loss of Value” insurance. Most notably Morgan Breslin looked due for a payout of between $750,000 to $1 million when he went undrafted in 2014 as well.

Choosing to return for his senior season though he had been projected to be a first day draft pick, Breslin battled a sports hernia in 2013, missed eight games and was not invited to the NFL combine. He eventually signed with the 49ers after the draft. He is no longer in the league.

Breslin was not able to collect on his policy, however, and recently sued USC for misrepresenting the coverage it provided.

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