Crumbling Foundations Captive Completes First 150 Foundations

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Connecticut Foundation Solutions Indemnity Company, Inc. has successfully completed 150 foundation replacements since its launch in January 2019. This is a major milestone, with 150 families placed back in their homes.

When asked what the future looked like, Maglaras responded, “275 families back in their homes by this time next year...and 50% of the property tax base restored in at least 25 of the 40 towns affected.”

Michael Maglaras, Principal of Michael Maglaras & Company and Superintendent of Connecticut Foundation Solutions Indemnity Company, Inc. (“CFSIC”), the captive insurance company now providing financial assistance to homeowners affected by the crumbling foundations natural disaster, has announced that CFSIC has successfully completed 150 foundation replacements since its launch on January 10, 2019.

“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,” said Maglaras. “This is another major milestone, and for us at CFSIC every family counts.”

Steve Werbner, Chairman of CFSIC’s board, applauded CFSIC’s progress. “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.”

Don Childree, owner of Don Childree General Contracting, who did the foundation replacement, said, “All of us are so happy for this great family. I feel honored to be a part of this remediation process. I’ve been replacing foundations for many years, but CFSIC has made the quotation and payment process seamless, rapid, and efficient.”

Maglaras was also very complimentary of Governor Lamont and his entire administration in their support of CFSIC and the crumbling foundations crisis. “Governor Lamont has been very supportive. He and his team understand this crisis and understand our needs.”

When asked what the future looked like, Maglaras responded, “275 families back in their homes by this time next year...and 50% of the property tax base restored in at least 25 of the 40 towns affected.”

To learn more about CFSIC, visit the CFSIC website at http://www.crumblingfoundations.org.

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