Judge: ‘Owned Property’ Exclusion Bars Insurance Coverage For Defect Claims
Mealey's (July 28, 2015, 9:59 AM EDT) -- ORLANDO, Fla. — The “owned property” exclusion precludes an insurer’s duty to defend and indemnify an underlying settlement reached regarding construction defect claims in a condominium complex, a Florida federal judge ruled July 23 (Nationwide Mutual Fire Insurance Co. v. Cypress Fairway Condominium Association Inc., et al., No. 13-1565, M.D. Fla.; 2015 U.S. Dist. LEXIS 96196).
(Order available. Document #69-150810-021R.)
In October 2004, Cypress Fairway Ltd. and its general partner, Vineland Partners LLC, sold the Cypress Fairway Condominium Complex, which was originally an apartment complex, to...