The New Jersey Supreme Court in Cypress Point Condominium Association, Inc. v. Adria Towers, LLC., et al. (A-13/14-15)(076348) finally put to rest (in New Jersey) an issue that has been haunting general contractors and developers since 1979. That is the year when Justice Clifford penned Weedo v. Stone-EBrick, 81 N.J. 233 (1979), denying a faulty workmanship claim, under products-completed operations coverage, based on two specific business risk exclusions that have not existed in liability policies since 1986. The issue decided by Cypress is whether faulty workmanship claims constitute “property damage” caused by an “occurrence.” This is a threshold issue to come within the insuring agreement of liability policies that provide for “products-completed operations” coverage. Read the PDF…………..
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