Travelers Establishes Program to Help Customers Address Crumbling Foundations in Connecticut
December 06 2018 - 11:07AM
Business Wire
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 affected homeowners.”
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, home
and business. 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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version on businesswire.com: https://www.businesswire.com/news/home/20181206005699/en/
Matt Bordonaro, 860.277.7014mbordona@travelers.com
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