Crumbling Foundation Insurer Will Suspend New Application Process This Week
HARTFORD, CT — State officials say the first summer of repairs to homes with crumbling foundations has been a huge success, but the captive insurer set up to manage the issue will suspend the application process on Friday as its total liability approaches its maximum $121.6 million in funding.
The Connecticut Foundation Solutions Indemnity Company has received $40 million so far in two installments from the state Bond Commission, and quickly paid out all of that money to install new foundations for the most severe cases of failing foundations in the state.
Gov. Ned Lamont said Tuesday that he will have the next $20 million installment on the Sept. 27 State Bond Commission agenda. The CFSIC also receives funding from a $12 annual surcharge on home insurance policies.
With almost all of the potential funding already committed to approved claims, CFSIC Superintendent Michael Maglaras will leave the agency in October as the process moves into a new management phase.
Read more: https://www.ctnewsjunkie.com/archives/entry/20190904_crumbling_foundation_insurer_will_suspend_new_application_process/