Crumbling Foundations Captive Reaches the 600-Family Milestone

ASHFORD, Conn. (PRWEB) September 15, 2022

Michael Maglaras, Principal of Michael Maglaras & Company and Superintendent of Connecticut Foundation Solutions Indemnity Company, Inc. ("CFSIC"), the captive insurance company now providing financial assistance to homeowners affected by the crumbling foundations natural disaster, has announced that CFSIC has successfully placed 600 families back into homes with safe and secure foundations since its launch on January 10, 2019.

"With claimant Anna Hyde of Ellington, who originally applied to the program on August 29, 2019, and who was very patient with this process, we have our 600th completed foundation," said Maglaras. "This is an important day in the history of CFSIC, and for Anna, and an important day for all the victims of the crumbling foundations natural disaster."

Ms. Anna Hyde of Ellington was clear about her support for the CFSIC program and the process: "The Superintendent himself phoned me personally this morning to offer congratulations. I have to say that the Superintendent and his whole team, particularly my wonderful claim adjuster Nicole Carrozza, made this process seamless and a happy one for me. I am so grateful to the State of Connecticut and to CFSIC."

To date, CFSIC has paid out almost $100 million in foundation remediations as well as reimbursements for work already performed. Today's victory with 600 foundations replaced means that CFSIC is well on its way to reaching the 1,000th home in the next 18 months.

"When the crumbling foundations crisis burst in 2016, the milestone of repairing 600 homes seemed beyond reach," said Rep. Courtney. "The General Assembly, Governor Lamont, and CFSIC deserve great credit for taking bold action to provide direct funding to homeowners and communities. Working closely with Mike Maglaras and CFSIC, my office ensured the IRS ruled that CFSIC grants for repairs were not taxable, and secured funding for foundations testing from the National Institute of Science and Technology, as well as the U.S. Department of Housing and Development. There are still many homes at risk from pyrrhotite damage, and it is critical that local, state, and federal partners redouble our efforts to accomplish the mission of CFSIC, namely to stabilize the home and real estate markets in Connecticut that have been ravaged by this insidious defective concrete."

"The crumbling foundation issue has not only posed a safety concern, but it also has had the potential to be economically damaging to the northeastern region as a whole, regardless of whether your own personal home is among those that have been impacted," said Governor Lamont. "I am glad that the state has been able to partner with 600 homeowners to address this issue and help bring some security to their homes and their lives – it was the right thing to do. I appreciate Mike Maglaras and his team for what they have done at CFSIC."

To date, CFSIC has already more than 2,200 claimants, many of whom are awaiting the next round of funding of $25 million, which should be released by the CT Department of Housing very shortly.

Steve Werbner, CFSIC's President, added, "We've had great cooperation from Governor Lamont and his staff. They believe in what we're doing, and they realize the deep economic and human impact of CFSIC's success."

To learn more about CFSIC, visit the CFSIC website at http://www.crumblingfoundations.org.

Read the full story at https://www.prweb.com/releases/2022/9/prweb18897923.htm