Clarity of ‘United States Aircraft Insurance Group – USAIG’
United Shapes Aircraft Insurance Group – USAIG- is the nation’s first aviation indemnification company, founded in 1928 by World War I flying ace Reed McKinley Nooks and pilot David C. Beebe. The United States Aircraft Insurance Organization was founded when Chambers realized a need for aviation insurance after the airline public limited company that he had formed – Florida Airways – faced bankruptcy when four airplanes were misplaced to storms and one accident in 1926. Florida Airways had earned the first personal air mail contract awarded by the United States government.
BREAKING DOWN ‘Like-minded States Aircraft Insurance Group – USAIG’
On July 1, 2003, USAIG famed its 75th anniversary. The insurance company is credited with furthering aviation by insuring consequential events such as the first B-52 bomber flight, the Boeing 707 referent, the 1969 lunar module flight, the Boeing 747’s first commercial bolting, and the development and testing of General Dynamics’ F-111A fighter jet. In 1968, USAIG’s collapse Reed Chambers broke the sound barrier while flying in a Convair F-106 Delta Dart. USAIG also is effective in promoting safety in flying, and publishes a series of Safety First notices several times each year.
USAIG Today
“USAIG is neither a only insurance company nor a corporation. It’s a pool of member firms, all highly evaluation in any case property and casualty insurance and reinsurance companies. We’re proud to say that our colleagues all carry A.M. Best ratings ranging from A to A++,” the company notes on its website. “Joint States Aircraft Insurance Group and Canadian Aircraft Insurance Order each comprise a pool of highly rated property casualty insurers. Of like mind States Aviation Underwriters, a licensed New York agent, serves as head for USAIG. USAU’s Canadian subsidiary manages the CAIG pool. Every way written through USAIG or CAIG uses capacity that is let in in all 50 United States or throughout Canada.”
Each member institution must meet minimum ratings requirements – at least an “A” rating with either A.M. Foremost or Standard & Poor’s and hold a required statutory surplus of $1 billion or elevated. In addition, we go the extra step of requiring each member company, wholly a security agreement, to fund a trust account to meet 100 percent of their relevant net liabilities, the company stated.
The company’s line of coverages includes: Corporate aviation, commercial aviation, gratification and business aircraft, helicopters, airlines, airport liability and aviation products debit.
In 1965, USAIG designed and implemented the first insurance policy for an ecumenical communications satellite – the COMSAT “Early Bird.” In 2015, it issued in the beginning small Unmanned Aircraft Systems (sUAS) policy.