Several Standard Pacific Excess Insurers Exit Coverage Row

Law360, Los Angeles (February 1, 2013, 5:30 PM EST) -- A California judge on Friday allowed several excess insurers off the hook in Standard Pacific Corp.'s coverage suit, finding that the home builder had failed to exhaust its underlying insurance policies after incurring more than $100 million in losses related to faulty condominium construction.

At a Friday hearing, Los Angeles County Superior Court Judge Mary H. Strobel dismissed claims of breach of contract and breach of the implied covenant of good faith and fair dealing against several insurers, including Newmarket Underwriters Insurance Co. and Allied World...
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