The Crumbling Foundations Captive
January 15, 2019
A new Captive Thought Leader Video featuring Michael Maglaras, principal, Michael Maglaras & Company, titled "Connecticut's Crumbling Foundations Captive," has recently been added to the Captive.com video library.
Mr. Maglaras explains that Dan Malloy, during his tenure as governor of Connecticut, was confronted with a looming problem: the crumbling foundations disaster.
Crumbling foundation cracks result from too much pyrrhotite being mixed into concrete, which can cause dramatic damage to a home. The commercial market's reaction to the crumbling foundations issue has been to say that this is a product liability issue and therefore not covered under the traditional homeowners policy form.
Former Governor Malloy and the Connecticut legislature used the state's captive statute to piece together legislation that would create a captive insurance company to deal with the crumbling foundations matter.
Why a captive insurance company? The legislature believed that captives bring disciplined approaches to claims management.
There is no cost to view the videos, and you will find them in the Captive Thought Leader Videos section of Captive.com. More videos will be added in the future.
(Mr. Maglaras is pictured above.)
January 15, 2019
