Opry Mills Mall Limited Partnership, a subsidiary of Simon Property Group, filed suit against 17 insurers in Davidson County Chancery Court, seeking to force them to provide coverage and asking for a jury trial.
According to the suit, Chicago-based Aon Corporation served as Simon’s principal insurance broker; Aon Risk Services Central Inc. is one of the named defendants.
The May flood caused more than $200 million in damage to the mall. According to the suit, the insurers “contend that Opry Mills is only entitled to $50 million in coverage under policies issued by other insurers and none of the $150 million in coverage provided by their policies.”
Without the insurance proceeds, the mall owners claim they cannot reopen. To date, $50 million in repairs have been made, according to the lawsuit.
The suit claims that some insurers are refusing more than $50 million in coverage because the mall falls in a “high hazard flood location,” though mall owners contend that the mall’s location was not included in the list of such locations in their insurance policy. The filing includes certificates of insurance from Aon showing $200 million in flood coverage for the mall, and a post-flood e-mail from Aon confirming $200 million in coverage.
In addition to seeking an enforcement of the full $200 million coverage, the suit requests judgment against the insurers “for three times Plaintiffs’ actual damages proven at trial and all other damages available under the Tennessee Consumer Protection Act.”
SOURCE: Nashville Business Journal
PEOPLE CAME FROM ALL OVER THE WORLD TO SEE THE PARK THEY DON'T DO THAT FOR A MALL. AND AT 150 MILLION TO FIX IT AND THE 500 MILLION OWED ON IT WHO WOULD TOUCH IT NOW ? THEN AFTER THE COURT TRAIL ETC. WHO WOULD INSURE IT NOBOBY... IT WAS TO BIG AND TOOK TO LONG TO GET FROM ONE STORE TO THE OTHER... LET'S FACE IT ALL THE OTHER MALLS HAVE MAJOR DEPARTMENT STORES THEY DIDN'T. IT JUST SPLIT THE PIE AND ROBBED THE OTHER MALLS OF PROFIT THAT IT NEVER MADE ITSELF.
ReplyDeleteSOLD THREE TIME AND 30 % OF THE STORES LEFT AFTER THE FIRST 5 YEAR LEASE....CAN YOU SAY LOOSER? WOULD YOU INVEST IN IT ?? YOUR MONEY!!!
The water drained out of the park flood, the park opened in three months. The water drained the life out of the mall...maybe for ever!!! I wouldn't invest or insure it. And at the new cost who will rent space. Bass Pro owns its building, it had to much invested to walk away the insurer wouldn't pay for a move just a rebuild. Thats how it works.
ReplyDeleteMaybe they will put in a fishing pay lake.... would make more sence.
ReplyDelete