Chinese drywall is back in the news with a recent Hillsborough County judge's ruling that homeowners' insurance should cover the damage caused by the tainted product. Judge Robert Foster ruled last week that he finds no exclusion in a homeowners' policy issued by Teachers Insurance Co. of Springfield, Ill. Claimants in the case, Craig and Melissa Walker of Odessa, had sued the insurance company for not covering the damages when the tainted drywall was discovered in their home.
According to its website, Teachers was incorporated in 1971. It is a fire and casualty insurance company with assets of $275,127,531, capital of $3,000,000, and net surplus of $90,092,791.
An attorney for the carrier argued that a "wear and tear" exclusion and a defective material exclusion pertained to the corrosion of the drywall, a defense used successfully in other cases.
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