Some Connecticut condominium associations with crumbling foundations can seek financial help from the captive insurance company that’s been helping owners of stand-alone homes.
Michael Maglaras, superintendent of the Connecticut Foundation Solutions Indemnity Company Inc., announced Monday that associations can apply on behalf of unit owners for any foundation where four or fewer units is located. They can receive up to $70,000 per eligible condo unit.
Associations can apply on or after April 18.
Maglaras says he’s been told that state lawmakers plan to amend the Connecticut law which currently limits the captive from financially assisting only four-and-under groupings of condos. Once that happens, Maglaras says condo associations will be able to apply on behalf of the remaining eligible foundations that are deteriorating from the presence of an iron sulfide.
Was this article valuable?
Here are more articles you may enjoy.