CFSIC replaces its 300th foundation, and its first for a condominium
Connecticut Foundation Solutions Indemnity Company (CFSIC), the Connecticut-based captive leading the effort to replace foundations destroyed by the crumbling foundations crisis, this week celebrated replacing its 300th foundation.
It comes as CFSIC also raised its first condominium building on March 15, as part of the remediation plan. The 180-foot-long condominium building was raised seven feet off the ground within five hours, allowing the concrete remediation process to begin.
“It is a major feat of engineering,” said Michael Maglaras, Principal of Michael Maglaras & Company and Superintendent of CFSIC. “And it is, as well, a wonderful example of the use of captive insurance companies to improve the lives of ordinary citizens.”
Maglaras admitted that condos have proved challenging for the captive to administer. “Condos are managed by an association board of directors, and it has taken time to make good judgments about the choice of construction companies and, of course, to raise additional funds beyond what CFSIC will pay for,” he explained.
CFSIC has been seeded with more than $200 million of funding by the State of Connecticut and through homeowner policy assessments, to manage the process of the crumbling foundations disaster.
Maglaras has described CFSIC as “the perfect example of the use of a captive insurance company to remediate a problem that the commercial insurance market has turned its back on.”
He added: “Captives have traditionally played an important role in charting new underwriting territory, and this is yet another example of captive innovation and captive success.”