What's the statute of limitations on goofiness?

Bob Gibson points out here that the timing of the Republican Party of Virginia's lawsuit against its insurer is absurd.

Was the RPV facing a statute of limitations problem? Probably not, on a written contract of insurance - the time to sue is probably five years. I thought that the point of the settlement, in such amount at such point in time, was to get the case out of the news - since I never understood the damage claim. What else made the case worth $750,000? No one was maimed, no profits were lost, nobody on the plaintiffs' side lost a job.