Miami Heat can now apply for insurance to pay for good portion of Chris Bosh’s contract

Chris Bosh (Getty Images)

Chris Bosh (Getty Images)

PHILADELPHIA — At the start of this season, the Heat still owed Chris Bosh $75.9 million based on his current contract.

While Bosh is still going to get that money, the Heat can get a good amount of it back through insurance. With blood clot issues forcing Bosh to miss the final 29 regular-season games last season and the first 12 games of this season, the Heat are now eligible to apply for insurance relief from his contract, general manager Andy Elisburg confirmed Monday to the Palm Beach Post.

The insurance policy requires teams wait until a player misses 41 consecutive regular-season games before they are eligible for insurance. Saturday’s win over the Wizards in Washington marked 41 consecutive regular-season games missed by Bosh.

The insurance would reimburse the Heat 80 percent of the guaranteed amount owed to Bosh or up to a maximum of $175,000 per game, with the Heat responsible for the balance. In this case, Miami would be eligible for $175,000 per game Bosh misses under his current contract.

After reaching the 41 regular-season games missed deductible, there are still 234 more regular-season games (70 in the 2016-17 season, 82 in the 2017-18 season and 82 in the 2018-19 season) between now and the end of Bosh’s current contract. That means the Heat could get as much as $41 million back, according to The Vertical’s Bobby Marks and NBA salary-cap expert Albert Nahmad from the Heat Hoops blog.

“You pay the contract as you would normally pay the contract,” Elisburg said. “You then can file for the insurance and if the insurance grants you, you get a per game check of ‘X’ dollars.”

The Heat will have to wait until Feb. 9, the one-year anniversary of Bosh’s last game played, to apply for salary cap relief from Bosh’s contract.

Heat president Pat Riley said in September that Bosh’s career with Miami “probably is over” after failed a team physical before the season. Bosh was hopeful he would be cleared to play basketball in time for the start of training camp.

Bosh still counts toward the Heat’s 15-man roster, but he has not been with the team this season. Miami lists the 32-year-old as inactive on game nights without a reason for his absence.

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