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Insurance Company Asking for Lance Armstrong to Return $7.5 Million

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UPDATED: Oct 23, 2012

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As most people are aware by now, Lance Armstrong has been in a heated battle with the officials in the sport of cycling for some time now over the use of performance enhancing drugs. Although Armstrong had repeatedly passed drug tests during his professional career, allegations from teammates have forced the officials to strip Lance Armstrong of all his Tour de France wins.

Buried deep in Armstrong’s contracts from his racing days, were incentive provisions designed to keep him on the team by offering him increasing rewards for winning more races. The owner of the cycling team, Tailwind Sports, took out an insurance policy with SCA Promotions, a Dallas based insurance company, that would pay out the bonuses in the event that Lance Armstrong met those high requirements.

Well he did, and they paid it.

Now that Armstrong has been stripped of his victories, the insurance company is claiming that the payout is now void and Lance should pay back those winnings.

The original insurance policy was to pay out $10 million to Lance Armstrong if he were to win six Tour de France races. Which he did.

SCA Promotions is now requesting $7.5 million back from the athlete.

Lance Armstrong has, and continues to deny the allegations that he used performance enhancing drugs during his cycling days, citing the hundreds of drug tests that he passed.

About Eric Stauffer

Author: Eric StaufferI am a former insurance agent and banker turned consumer advocate. My priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.

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