Unfortunately, half way there doesn't make the grade. This LB cover needs to be all the way there when it comes to accessing the wires. This is a violation of 314.29 of the 2011 NEC, since it's virtually impossible to remove the cover without hacking the wall open or prying off and damaging the cover.

Conduit bodies and boxes must be installed in a manner that the covers can be removed and that makes sure the wiring in them is accessible without having to destroy or remove any part of the building. Another problem I would like to point out is the gap in the wall around the conduit body, which creates a violation of 300.21, because smoke and other productions of combustion could easily pass from one side of this fire wall to the other. The gaps should be filled with some fireproof putty/caulk or some other approved material to maintain the fire resistance rating of the wall. In similar fashion, 314.21 addresses this requirement by requiring gaps or open spaces around boxes or conduit bodies to be repaired so that there is no more than 1/8 in. gap or space around  enclosures equipped with flush-type covers or faceplates in noncombustible surfaces.