26 November 2018Analysis

Crumbling foundations captive postponed

The launch of the non-profit captive that will distribute remediation funds to assist homeowners with crumbling concrete foundations, Connecticut Foundation Solutions Indemnity Company (CFSIC), has been delayed.

CFSIC was originally planned to launch on November 15, but president Steve Werbner has now estimated it will be delayed around a month.

Homes in northeastern Connecticut face crumbling basement walls due to pyrrhotite. Pyrrhotite when exposed to oxygen and water reacts and causes swelling and cracking, leading to its deterioration. The damage is said to be irreversible, with no known repairs.

Over 35,000 homes in the north, east, and central parts of Connecticut are facing this potentially devastating issue due to the presence of a naturally occurring iron sulphide originating from a quarry in Willington, CT. The costs to replace a foundations in Connecticut ranges from $150,000-$250,000 per home.

“First, our board needs to meet to consider your comments, and then, to the extent there are any changes to our guidelines, we need time to make them, inclusive of integrating any changes into a complex electronic claims management system,” said Werbner.

“Once the board meets and considers all comments, we will announce, on the CFSIC website, our launch date...and we’ll also be clear on various pages on the site what changes have been made, in order to help you with the application process.”