The Travelers Companies Inc. has established the Travelers Benefit Program, a $5 million fund to assist customers in repairing homes with crumbling foundations in northeast Connecticut. The matter stems from concrete contaminated by the mineral pyrrhotite, which can cause foundations to deteriorate over time.
To help homeowners with the repair costs associated with pyrrhotite-related damage, the state recently created the Connecticut Foundations Solutions Indemnity Company (CFSIC). As some repairs may cost more than the CFSIC will cover, Travelers created the fund to provide additional financial support for its customers.
“Since this problem emerged, we have been committed to finding a solution that will assist our customers dealing with this unfortunate and complex issue,” said Michael Klein, executive vice president and president of personal insurance at Travelers in a company press release.
Beginning Feb. 15, 2019, eligible Travelers customers whose repair costs exceed the benefit provided by the CFSIC will be able to enroll in the Travelers Benefit Program. The program will provide current customers up to $25,000 and former customers up to $10,000, subject to program terms.
“Travelers has taken the lead in helping its customers with the financial burden that comes with making the significant repairs associated with pyrrhotite-related damage,” said Connecticut Department of Insurance Commissioner Katharine Wade in the release. “We applaud Travelers for its efforts and appreciate the company’s partnership in working to identify an outcome for Connecticut homeowners and developing a model for other insurance carriers to follow.”
Source: The Travelers Companies Inc.
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