(May 4, 2016, 9:21 AM EDT) -- SAN FRANCISCO — Because an insured suffered no “ultimate net loss” under an excess insurance policy and did not incur compensable property damage, the excess insurer did not breach its contract with the insured or its implied covenant of good faith and fair dealing by failing to cover an underlying settlement of claims arising out of a construction project, a California federal judge ruled May 2 (Thompson Pacific Construction, Inc. v. American International Group, Inc., et al., No. 15-01091, N.D. Calif.; 2016 U.S. Dist. LEXIS 58237)....