Dec 04
Astros Collect on Ballplayer Insurance
The Houston Astros Baseball Club reached a settlement Thursday with Connecticut General Life Insurance over a lawsuit filed against the company after it denied the club’s claim to recoup a portion of Jeff Bagwell’s salary from 2006.
Bagwell has been fighting off disabilities for a couple of years. Many baseball teams take out insurance policies on their high-priced athletes, especially those whose performance is clearly tied to gate attendance. Bagwell has long been a premier player for the Astros, and in 2006 his guaranteed salary was $17 million.
Attorneys for the Astros filed a lawsuit in April against the insurance company, claiming breach of contract, because the company denied the Astros’ claim to get back $15.6 million of Bagwell’s $17 million salary. The amount of the settlement was not disclosed. The joint announcement from the baseball team and the insurance company stated in part that, “The Houston Astros and Connecticut General Life Insurance Company have reached an amicable resolution of the lawsuit brought by the club relating to the total disability policy on Jeff Bagwell.”
The term ‘total disability’ is probably a key to the terms of the insurance policy. It is certainly a key to the health of the ballplayer, as Bagwell announced his retirement the day after the settlement was made public. Bagwell is 38 years old, and retires with a career total of 449 home runs.
Bagwell, 38, announced his retirement Friday.
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December 5th, 2007 at 6:32 pm
Far be it for me to tell someone of Bagwell\’s stature when to hang up the cleats, but the simple truth is that his skills were in decline for several years while he chased some significant career milestones. I am glad that something could be worked out amicably between the \’Stros and the insurance company, which leads to Bagwell being able to retire \”on his own terms,\” as they say.
Jerry
http://www.leads4insurance.com