After a Friday review of the insurance documents connected to Quentin Richardson's $48 million contract, the Knicks have discovered they are not insured if he sustains a career-ending, back-related injury, The Post has learned from a Western Conference source.

That supposed minor issue involving insurance injury protection has grown into a big one. The Knicks will not take on Richardson's contract unless it's insured. Insurance picks up roughly 75 percent of a contract in the event of a career-ending injury. Richardson missed 17 games in 2003-004 and three this past season with back spasms.

The Knicks are confident the Kurt Thomas-for-Richardson trade will happen, but the lack of contract insurance stands as a potential deal-breaker. One person familiar with the situation said it could take "a week, two weeks, a month" before being resolved.

Problem is, the Suns are not required to make Richardson available for a physical until the deal is consummated. Hence, the Knicks likely have no means of getting insurance on their own.

The trade is not expected to go down before tomorrow's draft at Madison Square Garden, but it does not effect the Knicks' draft strategy. Multiple sources have told The Post the center-starved Knicks will take 6-11 Arizona pivot Channing Frye with the eighth pick if he slips past Utah at No. 6 and Toronto at No. 7. The Knicks believe he will.