Crumbling Foundation Bonds
Metayer Bonding Associates Can Provide These Bonds For You
Crumbling Foundation Bonds
Crumbling foundations in Connecticut have been the source of news for some time now, as homeowner’s look to ensure the safety and health of their homes and foundations.
If you are going to be working with homeowners on this issue, you will first have to provide a Deposit Security Bond with $250,000 as a minimum amount. This bond form has been approved by the Connecticut Foundation Solutions Indemnity Company (CFSIC) and issued to contractors who meet Bond Company credit and underwriting requirements.
Call 800-811-5557 to dicuss this bond with our team.
Qualifications of a Claimant for the CFSIC Program
Below are the qualifications a homeowner should meet before filing for a claim:
- Visual inspections that must be performed by a CT licensed professional engineer (PE).
- The home was built between January 1, 1983, and December 31, 2015.
- The home has to be within Connecticut and within a 20-mile radius of the J.J. Mottes Concrete Company in Stafford Springs.
- Any testing conducted by the homeowner by a professional will be reimbursed (Core testing: 50%, up to $2,000, Visual testing: 100%, up to $400).
There are two types of claims that are applied for:
Type 1 Claims
This is where the homeowner’s foundation is badly ruined. This is a provision for them to seek financial assistance for foundation replacement.
Type 2 Claims
This is the type of claim that is made by a homeowner if they have replaced the foundation, in part or in whole, meeting the set guidelines.
If your company meets the standards of the Capitol Region Council of Governments, you may be eligible to participate in the CFSIC program.
For more information about the CFSIC Program, visit the CFSIC website.
At Metayer Bonding Associates we offer Surety Bonds for Contractors throughout the Northeast including a heavy concentration of clients in Connecticut. We can help you obtain this bond. In order to get started, please fill out the form provided here and we will contact you shortly.
Bond Companies
Listed below are examples of the bond companies we work with.
