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The owner of Opry Mills Mall filed a lawsuit against its property insurers late Tuesday, alleging the companies are refusing to honor its $200 million flood insurance policy, thus delaying work to repair damage from Nashville?s historic flooding in May.
The suit ? filed in Davidson County Chancery Court by Opry Mills Mall Limited Partnership, its commercial lender and Simon Property Group ? alleges breach of contract, wrongful denial of coverage, negligence and other counts against the retail property?s syndicate of 16 insurers and its broker.
?We have diligently paid our premiums over the years,? said Gregg Goodman, president of The Mills. ?And you pay your premium for when you have a casualty, to be able to collect your insurance on the other side.?
According to the suit, available here, the insurers have agreed to pay only $50 million for the mall?s damages, despite the fact that the property?s insurance policy and broker indicated it had up to $200 million in coverage.