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.
In Since this issue has occurred, we are committed to finding a solution that will help our clients address this unfortunate and complex issue, ortaya said Michael Klein, personal insurance vice president and personal insurance chief, in the company’s press release.
As of February 15, 2019, repair costs will be eligible to register to the Travelers Benefit Program for eligible Travelers customers exceeding the benefit provided by CFSIC. The program will cost existing customers up to $ 25,000 depending on the program requirements and up to $ 10,000 for old customers.
“Travelers have spearheaded customers in assisting the financial burden that comes with making important repairs to pyrrhotics,” said Katharine Wade, Commissioner for Insurance Affairs for Connecticut. In We applaud Travelers for their efforts, and we appreciate the company’s partnership to define a result of Connecticut hosts and develop a model for other insurance companies to follow. “
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