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
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