Kukla's Korner Hockey
by Paul on 02/08/12 at 01:07 PM ET
from Rick Westhead of the Toronto Star,
NHL players still receive their paychecks if they’re forced out of the lineup with injuries sustained during games or practices. But off-ice insurance policies provide a financial cushion for players in case they are injured away from the rink.
Some teams have threatened to scuttle contracts if players get hurt during certain activities, such as mountain climbing or water skiing. Crosby’s around-the-clock policy covers him against any career-ending injuries.
Pat Brisson, Crosby’s agent, confirmed the Penguins captain has insurance coverage, but he declined to confirm the value of his policy. A source familiar with the matter confirmed the policy is worth about $20 million.
Crosby, who is making $9 million this season and $7.5 million next year, would only be able to cash in the policy if he retires permanently from the NHL.
It’s possible that he could retire and collect from his insurance company and later return to hockey. Crosby would first need to repay his insurance payout.
If Crosby collects a massive insurance payout, it could have a ripple effect across all pro sports leagues. Several insurance industry executives say it would dwarf any other NHL-related payout.
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Paul Kukla founded Kukla’s Korner in 2005 and the site has since become the must-read site on the ‘net for all the latest happenings around the NHL.
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