The Connecticut Foundation Solutions Indemnity Company (CFSIC), the captive insurance company now providing financial assistance to homeowners affected by the crumbling foundations natural disaster, has completed 150 foundation replacements since its launch on 10 January 2019.
Michael Maglaras, principal of Michael Maglaras & Company and superintendent of CFSIC, said: “With the official completion today of a home foundation in Ellington, I’m enormously pleased to report that we have placed 150 families back in their homes. This is another major milestone, and for us at CFSIC every family counts.”
The ‘crumbling foundations’ issue was caused by concrete of a stone aggregate mined from a quarry containing pyrrhotite, which has resulted in cracks forming decades after the foundation was constructed.
Steve Werbner, chairman of CFSIC’s board, applauded CFSIC’s progress. He stated: “We have a great leader in our superintendent Mike Maglaras, and under his direction, we've got a great team of claim adjusters who have been diligently and patiently working to serve homeowner victims. The CFSIC team has had a tough job and some tough opposition, but they have persevered.”