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Simon Property's Mall Damage Award Cut By $150M

Law360, New York (January 30, 2018, 5:13 PM EST) -- A Tennessee court of appeals has stripped Simon Property Group of $150 million in flood insurance coverage for a mall in Nashville, snatching victory from the real estate investment trust by finding that a $50 million cap applies, instead of the $200 million cap a trial court had settled on.

After a devastating 2010 flood left the Opry Mills Mall underwater for days and uninhabitable for years, Simon, which owns the mall through the Opry Mills Mall Limited Partnership, sought coverage under a $1 billion policy...
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