The captive insurance company set up by the state to help homeowners with concrete foundations contaminated by a mineral that causes them to crumble will start paying claims out this week.
The Connecticut Foundation Solutions Indemnity Co. Inc. will begin paying some homeowners with Type 2 claims, for those whose foundations have already been replaced, according to a statement this week from Superintendent Michael Maglaras. Only 25 of the 65 Type 2 claims filed will be paid out before the end of June 2020, Maglaras said in an earlier statement. The CFSIC has received 335 Type 1 claims, which cover homeowners planning to replace their crumbling foundations soon.
“We ask you to bear with us, as we think we are close to beginning the process of alerting the first group of Type 1 claimants to begin the contractor proposal process,” Maglaras said in a statement on Jan. 28.
The CFSIC is still accepting applications, Maglaras said, noting that the pace of applications has been “slower than anticipated.” The Hartford, Travelers Cos. and Liberty Mutual are all providing funding for the CFSIC, along with the state.