Crumbling Foundation Captive Insurance Company Saved
The Senate gave final passage Monday to legislation that will indefinitely prevent the sunsetting of the captive insurance company managing funds to assist property owners whose foundations are crumbling.
Lawmakers voted 33 to 3 in support of a bill that eliminates the June 30, 2022 expiration date of the Connecticut Foundation Solutions Indemnity Company, which manages funds to assist property owners whose foundations are afflicted by pyrrhotite, a mineral found to be ruining concrete in building foundations.
The problem has been especially acute in northeastern Connecticut where crumbling foundations have financially ruined some homeowners and impacted local property tax revenues.
“This has been a fiscal nightmare for municipalities particularly those that have several homes: Tolland, Vernon, Manchester, South Windsor to give you a few because as these houses are identified, the value of these houses is dramatically decreased and the loss of tax revenue is a significant impact,” Sen. Steve Cassano, former Democratic mayor of Manchester, said Monday.
Read more: https://ctnewsjunkie.com/2021/06/08/crumbling-foundation-captive-saved/