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United States Aircraft Insurance Group (USAIG)

United States Aircraft Insurance Group (USAIG)

What Is the United States Aircraft Insurance Group?

United States Aircraft Insurance Group (USAIG) is the country's most memorable aviation insurance company, established in 1928 by World War I flying pro Reed McKinley Chambers and pilot David C. Beebe. The United States Aircraft Insurance Group was established when Chambers realized a requirement for aviation insurance after the airline company that he had shaped, Florida Airways, confronted bankruptcy when four airplanes were lost to tempests and one accident in 1926. Florida Airways had earned the main private air mail contract awarded by the United States government.

Figuring out USAIG

On July 1, 2018, USAIG celebrated its 90th anniversary. The insurance company is credited with advancing aviation by protecting historic occasions, for example, the principal B-52 aircraft flight, the Boeing 707 model, the 1969 lunar module flight, the Boeing 747's most memorable commercial flight, and the development and testing of General Dynamics' F-111A contender fly. In 1968, USAIG's organizer Reed Chambers broke the sound wall while flying in a Convair F-106 Delta Dart. USAIG likewise is active in advancing safety in flying, and distributes a series of Safety First banners several times every year.

USAIG Today

"USAIG is neither a single insurance company nor a corporation. It's a pool of member firms, all profoundly rated property and casualty insurance and reinsurance companies. We're pleased to say that our members all carry A.M. Best ratings going from A to A++," the company notes on its website. "United States Aircraft Insurance Group and Canadian Aircraft Insurance Group each involve a pool of profoundly rated property-casualty insurers. United States Aviation Underwriters, a licensed New York agent, fills in as manager for USAIG. USAU's Canadian subsidiary deals with the CAIG pool. Each policy written through USAIG or CAIG utilizes capacity that is admitted in every one of the 50 United States or all through Canada."

Every member company must meet least ratings requirements - basically an "A" rating with either A.M. Best or Standard and Poor's and hold a required statutory surplus of $1 billion or greater. Likewise, we go the extra step of requiring every member company, through a security agreement, to fund a trust account to meet 100 percent of their individual net liabilities, the company stated.

The company's line of inclusions incorporates: Corporate aviation, commercial aviation, joy and business aircraft, helicopters, airlines, airport liability, and aviation products liability.

In 1965, USAIG planned and executed the main insurance policy for an international communications satellite - the COMSAT "Morning person." In 2015, it issued first small Unmanned Aircraft Systems (sUAS) policy.