Where We Are
CFSIC has been open for business for almost three months. We are identifying claimants and making them active at a rate $1 million per week in reserve liability. On average, we are cutting deposit checks and making Type 2 claimant payments at a rate of $250,000 per week. As of last Friday, CFSIC carried on its books $72 million in homeowner claim liabilities. We believe that that number will be close to $90 million by the end of June. The process is working, and working well. We continue to encourage potential claimants to come forward, to apply, to let us know who they are. Very few people see your applications. They are held in confidence with only a handful of operational people on our collective team ever knowing who you are and the extent of the damage to your foundation. My board of directors, which currently includes three ex-officio directors who are elected officials, does not and cannot see your applications. It is important that the trust you have placed in us is honored. Nothing should stand in the way of your applying. The more applications we have, the stronger the argument for increased funding at the state and, we hope, at the federal level. When you write to us to give us praise (or even the reverse) copying elected officials, persons representing the Coalition, and others, does you both a disservice and an injustice. Anyone who has dealt with me knows that I respond to every call I get and every email we receive. Your claim is a private matter. The extent of the impairment of your foundation is no one’s business but your own…until you choose a different path. We encourage claimants to help us respect their privacy.
Our Continuing Commitment to Condos
As of last week, CFSIC’s consulting engineers had assigned severity codes to condo foundations representing more than 291 separate units. I will be meeting with condo foundation boards this month and into May, as we pave the way not only for these condos to apply, but also for more to apply in the weeks ahead.
If you have any questions about the operation of the program, ESIS is your best source of information on your claim, and their phone number and email are shown below.
As you work through the information and application process, here’s how you can get help:
– Call ESIS (the claim adjuster) at: 844-763-1207
– Email ESIS at: firstname.lastname@example.org
– Email CFSIC at: email@example.com
Michael Maglaras, Principal
Michael Maglaras & Company