Connecticut captive gets the all clear to begin helping crumbling condominiums
Connecticut governor Ned Lamont has signed new crumbling foundations legislation enabling the state-owned captive Connecticut Foundation Solutions Indemnity Company (CFSIC) to help homeowners affected by problems related to pyrrhotite.
CFSIC said the legislation allowed it “to serve more affected homeowners, particularly those owning condominiums and PUDs, and in general to better streamline many parts of our process.”
Homes in northeastern Connecticut face crumbling basement walls due to pyrrhotite, according to the Connecticut Coalition Against Crumbling Basements. Pyrrhotite is an iron sulfide that reacts naturally with oxygen and water. CFSIC was set up specifically to deal with the issue.
On July 24, 15 days after the legislation was signed, CFSIC will begin the process of adjusting condo claims and applicable PUD claims subject to these legislative changes, it said.
Condominium applications that have been received are already being reviewed ahead of that date, the captive added, so that it would be ready to act swiftly once the enforced waiting period is complete.
Home inspectors will also be ready to assist potential claimants with their applications after July 24, the date on which applications are eligible to go through the underwriting and approval process, CFSIC added.
The first repairs to an affected Connecticut home were completed in May, with Kevin and Aisling McCloskey receiving a grant of $175,000 from CFSIC to cover the cost of the necessary work.