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National search begins for crumbling foundations official

September 1, 2019

HARTFORD, Conn. (AP) — A national search is officially underway to replace the veteran insurance consultant who has overseen the rollout of an ongoing assistance program for Connecticut homeowners with crumbling foundations.

Michael Maglaras (mah-GLEHR’-us) recently announced he and his insurance and risk management consulting firm are stepping aside in October. He plans to work with his replacement, who will face funding challenges and large numbers of homeowners still needing financial help.

More than 150 homeowners impacted by the iron sulfide pyrrhotite (PEER’-eh-tyt) will be back in their homes by this time next year. The Connecticut Foundation Solutions Indemnity Company has identified almost 1,100 claimants in less than seven months.

The organization’s board is looking for firms with extensive captive insurance underwriting and claims management experience. More information can be requested at info@crumblingfoundations.org.

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