Big Dollars for Penny Policy?

The Dodgers will receive quotes from at least two insurance carriers this week, seeking protection in case pitcher Brad Penny has a recurrence of the biceps nerve injury that sidelined him in August.

Penny’s three-year contract extension is worth a guaranteed $25 million with a club option, according to his agent, Greg Genske. He will get a $1-million bonus on Jan. 1 of each of the next three years with salaries of $4.5 million in 2006, $7 million in 2007 and $8.5 million in 2008.

He has a $2-million buyout for 2009, and if the Dodgers pick up the option he would make $9.25 million.

The Dodgers want a safeguard against injury, but it will come at a stiff price. Premiums for a policy covering about two-thirds of the contract’s value are estimated at more than $1 million a year.

“We’re looking into it,” General Manager Paul DePodesta said. “His physical and MRI looked very clean. Insurance on all pitchers is expensive. We’re expecting quotes from a couple of carriers.”

Penny, 3-2 with a 4.04 earned-run average, has not had any arm problems since coming off the disabled list April 24. Doctors have said the biceps injury could recur at any time without warning, although it might never surface again.

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DePodesta said he probably would initiate talks soon with right-hander Jeff Weaver to try to get a contract extension completed. Weaver has said he would like to remain a Dodger.

Penny and Derek Lowe are under contract through the 2008 season, and Odalis Perez has two years left, providing the starting rotation with stability while leaving room for one or more of the touted young arms in the farm system.

Still, with a thin market for free-agent pitchers on the horizon, locking up Weaver is desirable. A stumbling block could be that the Dodgers might not be willing to match his current salary of $9.25 million.

“Jeff has done a terrific job,” DePodesta said. “We’d all be interested in [an extension].

“With Brad, the reason it got done so quickly was his willingness. His approach was a model for the way we’d like to do things in the future.”

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Shortstop Cesar Izturis walked through the clubhouse without a limp, then sat through the game receiving treatment of ice and heat on his strained right hamstring. He said he might be able to play Tuesday, but said it took about a week to recover from a similar injury when he was in the minors.

“I should be OK,” he said. “It’s tight, that’s all.”

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Perez will begin a rehabilitation assignment with triple-A Las Vegas on Wednesday by pitching two innings at Sacramento. Perez threw 54 pitches in the bullpen Sunday. ... Elmer Dessens gave up one hit and struck out five in a four-inning rehabilitation outing for Las Vegas. ... Outfielder Milton Bradley (finger) and catcher Paul Bako (knee) will go on the trip. “Both have a chance to be ready by the end of the week,” Manager Jim Tracy said.