Nov 24, 2015

Crumbling foundations

The Connecticut Insurance Department has asked PIACT to notify it of any instances in which the association has been made aware that an insurance carrier has attempted to nonrenew or cancel an insurance policy due to crumbling foundations. Connecticut Insurance Commissioner Katharine L. Wade recently issued a notice warning against such action for homeowners.

According to George Bradner, director of the CIDs property/casualty division, this is not an action it has had to address for commercial property owners and the previous notice cites only one such personal-lines scenario; however, since the issue was raised at a recent public meeting, the department has received inquiries from condominium complex owners and associations voicing concern that companies may attempt to nonrenew or cancel their policies.

If you experience a carrier attempting to cancel or nonrenew a policy based on this reason, please notify PIACT at govaffairs@pia.org.