There are not enough people interested in learning from the Connecticut Foundation Solutions Indemnity Company’s data on how to defeat the concrete crisis, according to the exiting superintendent of the captive Michael Maglaras.
Maglaras revealed last week that he would step down from his role as superintendent. The CFSIC is a non-profit captive that was step up in 2017 to tackle crumbling foundations in homes in the northeast side of the State of Connecticut.
In a blog post, Maglaras explained that with almost 1,100 claims registered on our books in eight months, CFSIC has now become the single most important source of data on the crumbling foundations' natural disaster in Connecticut.
He said: “There is no better, more credible, or more verifiable source of crumbling foundations data anywhere else in Connecticut on this crisis.”
No one in Connecticut has approached CFSIC for any “meaningful, comprehensive data”, Maglaras noted.
He commented: “No department of state government has asked us to prepare comprehensive reports about what we know and how the data can be used. (The exception here is our regulator, the CT Insurance Department; we have regularly briefed Commissioner Mais and his team on our financial condition. They have been incredibly helpful.)”
The data that can be provided by the captive can counter “untruthful statements” that Maglaras said have been posted on social media.
He explained that the data could be used to raise more funds from the state, although he suggests this is “probably not going to happen”.
The data collected by the captive can be used to focus people’s advocacy efforts so that “advocacy and agitation can again become constructive, thus making advocacy and agitation less about the almost continual complaint and more about celebrating positive action for the benefit of all affected”.
Maglaras noted some of the things the captive data shows, including exactly where the crumbling foundations' crisis hits, how much repairs will cost, the length of time repairs will take, and what insurance companies currently insure affected homes.
He revealed that the company’s data is just beginning to reveal “an incredibly important fact”, which is the average gap, in years, between the date of a home’s construction using tainted concrete and the point at which deterioration begins to show itself.
Maglaras stated: “There is no hope of raising additional funds, in particular from the federal government, without valid, objective, and quantifiable statistical information”.
Although not very hopeful, Maglaras said: “That money may come, very simply because somebody asked us for credible data to support the request for more funds.”
He added: “That data will come from CFSIC: a successful captive insurance company that is only eight months old and which has already been judged by the Internal Revenue Service to be tax-exempt because of the quality and integrity of its operations.”
Maglaras concluded with a new slogan he had used throughout his blog: It’s time to “coalesce around the success”.
