The $1 billion-plus hotel on the banks of the Cumberland River had $50 million in flood insurance. Asked whether that amount would be enough to cover the damages, Reed said: “Maybe, but we just don’t know.â€
That amount was the maximum level of flood insurance Gaylord could buy from any insurer “because we sit next to the Cumberland River,†Reed said. The company had tried to buy more, but couldn’t find any insurer willing to go above $50 million of coverage.
(From a Tennessean.com article)Â Â It could be up to six months before the flooded Gaylord Opryland Resort and Convention Center reopens, and the full extent of damage is still being assessed, Gaylord CEO and Chairman Colin Reed told The Tennessean today.
“We have water in the tunnels; we have no understanding of the damage to the power plant. It could take three months, four months, five months or six months. The fact of the matter is that until we get the water out, we just don’t know,†Reed said.
He also said the hotel’s staff will remain on the payroll for at least the next six weeks and will play a role in helping the vast facility rebound. It’s unclear what happens with people’s pay after that initial period.
A flagship of Nashville’s tourism industry, the Opryland Resort & Convention Center was evacuated Sunday night as floodwaters spilled over the Cumberland River, filling parts of the hotel with 10 feet of water. Electronics systems and other high-tech equipment are at risk.
It will take a week to get floodwater pumped out, Reed said, and by then the company may have a better understanding of the full extent of damages. “Until we’re able to get to the technology, we just don’t know.â€
