Commission Funding Allows Future Foundations Claims: Official

HARTFORD, CT — Tuesday's state Bond Commission approval of $20 million for the state's captive insurance company handling crumbling foundations claims essentially kept the operation going for future reimbursements, an announcement on the company site said.

Michael Maglaras, a principal at Michael Maglaras & Company and the superintendent of the Connecticut Foundation Solutions Indemnity Company said no new funding could have meant no new claims being accepted after April 22.

The company was set up by state officials to handle crumbling foundations claims.

"We are grateful to Governor Lamont, and to many others who have been advocating for CFSIC’s current fiscal year bond allotment.," he said.

Click here for information on the company and how to file a claim.

It is run by a board of directors than includes a real estate professional, a homeowner impacted by crumbling foundations, a chief executive of a municipality or the designee of a chief executive, a registered investment adviser, the executive director of the Capitol Region Council of Governments or a designee, the executive director of the Eastern Region Council of Governments or a designee, a representative from the insurance industry having no relationship with any bank or insurance company that has financial interest in crumbling matters, and a representative from the banking industry having no relationship with any bank or insurance company that has financial interest in crumbling matters.

On the federal level, U.S. Reps. Joe Courtney (CT-02) and John Larson (CT-01) have been touting two provisions to "help address" Connecticut's crumbling foundation crisis in the final version of the Consolidated Appropriations Act (H.J. Res. 31), a bill to fund the federal government for the remainder of the fiscal year ending Sept. 30, 2019.

See more on the federal options here.

The Capitol Region Council of Governments maintains the definitive site on the crumbling foundation epidemic in north central and parts of eastern Connecticut.

See information from cost estimates to reimbursement options here.

A bad batch of concrete from an area quarry two to three decades ago has been blamed for a rash of foundations that are cracking. The concrete contained the mineral pyrrhotite, which breaks down over time.

Cost estimates to repair the homes can reach six figures. According to the CRCOG more than 4,000 homes could have related damage with a combined repair cost estimate of $783.9 million.

The epidemic could cost municipalities $81 million in waived taxes, according to CRCOG.