8 March 2022ILS

CFSIC helps 500th family

The Connecticut Foundation Solutions Indemnity Company (CFSIC) has helped over 500 families affected by crumbling foundations, it has revealed. It passed the milestone last week, completing 503 cases – hitting the target three months ahead of schedule.

The captive was formed to provide cover for homeowners affected by crumbling concrete foundations due to contamination from pyrrhotite, a naturally occurring mineral. Last year, the Connecticut House of Representatives approved a bill to expand the CFSIC’s work.

An update from the CFSIC said it was also making good progress moving pending claimants to active status.

“As we open these files one by one for the first time (starting with known Severity Class 3s first), the process is painstaking and meticulous. But we want to assure the victims of this crisis that we are, on a daily basis, moving claimants into active status,” it said in a statement.

“This is real progress. For as many as 100 pending claimants over the next few months, this will mean good news about their remediations, and where that news will be reaching them two years in advance of the original plan.”

Legislators in neighbouring Massachusetts are also currently considering a similar captive to address homeowners affected by the same vein of pyrrhotite that runs through both states.