The Travelers Companies, Inc. (NYSE:TRV)
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6 Months : From Oct 2018 to Apr 2019
The Travelers Companies, Inc. (NYSE: TRV)
today announced it 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. “We appreciate the support
from Governor Malloy and Attorney General Jepsen, and we collectively
believe this fund will provide a significant measure of relief to
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 Katharine Wade,
Commissioner, Connecticut Department of Insurance. “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.”
To learn more about the Travelers Benefit Program, its eligibility
requirements and how to apply for assistance, please visit www.travelers.com/ctconcretefund
or contact Travelers at 800.527.2416.
About TravelersThe Travelers Companies, Inc. (NYSE: TRV)
is a leading provider of property casualty insurance for auto,
A component of the Dow Jones Industrial Average, Travelers has
approximately 30,000 employees and generated revenues of approximately
$29 billion in 2017. For more information, visit www.travelers.com.
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