Declarations

Red River Floods

“The magnitude of the expected flooding has not been seen in several years.”

The National Weather Service as North Dakotans prepared for spring flooding along the Rd River Basin. Officials in Fargo and Grand Forks began ordering pumps, topping off levees and planning dikes.

First Step

“It’s a necessary first step in that process of rebuilding public trust.”

Blue Cross Blue Shield of North Dakota Chairman Dennis Elbert after the firm fired its president and chief executive officer who was criticized for a Caribbean retreat attended by more than 30 sales employees and guests. The ousted CEO, Mike Unhjem, had been the Blues’ top executive since 1991.

Vital Flood Program

“Allowing the program to expire would have very negative consequences for policyholders and also for the nation’s economy. Most home buyers use federally backed mortgages to purchase property, and such mortgages are prohibited by law for homes in floodplains unless they have flood insurance. Therefore it is crucial to keep this vital program running.”

David A. Sampson, president and CEO of the Property Casualty Insurers Association of America, after the U.S. Senate passed a measure extending the nation’s flood insurance program through September 2009. The House had previously passed an extension.

Board Protection

“The liability exposure is not worth the money. Insurance may protect you against financial damage, but it can’t protect your time or reputation.”

Richard Stein, a lawyer with Nixon Peabody LLP, discussing why more executives are finding that serving on corporate boards is not worth the risk. Lawyers expect an increase in class-action lawsuits against companies and, in some cases, individual directors, potentially creating an additional headache for board members.

Green Opposition

“Instead of increasing the liabilities of a program that is almost $20 billion in debt, Congress should focus its attention on making communities more resilient to storms by investing in the protection and restoration of wetlands, floodplains, and barrier islands.”

Rebecca Wodder, president of American Rivers, a nonprofit that works to protect waterways, in opposing a measure to make wind coverage available under the federal flood insurance program.

Topics Flood