(May 5, 2017, 10:27 AM EDT) -- RICHMOND, Va. — The Fourth Circuit U.S. Court of Appeals on May 3 held that a breach of contract and bad faith lawsuit against a federal flood insurer arising from Hurricane Irene damage is barred by the one-year statute of limitations pursuant to its Standard Flood Insurance Policy (SFIP), reversing a lower court’s ruling that awarded the insureds $233,398 for breach of contract, $700,194 for bad faith and $63,962.50 in attorney fees (Gary Woodson, et al. v. Allstate Insurance Co., Nos. 16-1935 and 16-2018, 4th Cir., 2017 U.S. App. LEXIS 7862)....