Almost Back
Two U.S. Congressmen, one a Democrat from Louisiana and the other a Republican from Mississippi, have introduced legislation to retroactively restore the National Flood Insurance Program (NFIP). NFIP’s funding lapsed without congressional authorization as the federal government shutdown Oct. 1. New federal flood insurance policies have not been issued or renewed.
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Bipartisan Legislation Introduced to Retroactively Restore NFIP
BCU In Print
Liability risk is evolving rapidly for affluent families and the offices that protect them. Consider the case of a Chicago family who believed that their insurance program was ironclad until a longtime household employee slipped on an icy walkway, filing a lawsuit that spiraled into a multimillion-dollar settlement. Their umbrella policy did not apply, leaving them exposed to costs and reputational damage that could have been avoided with the right coverage.
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The expanding liability landscape for UHNW families and family offices
Illinois Sues State Farm
Attorney General Kwame Raoul filed the lawsuit on Oct. 14 on behalf of Director of Insurance Ann Gillespie, who in November 2024 initiated an examination of State Farm’s homeowners’ data. The lawsuit was filed months after State Farm implemented a 27% rate increase for Illinois homeowners.
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Illinois Sues State Farm for Refusal to Release Homeowners’ Insurance Data