United States Aircraft Insurance Group (USAIG)
Definition - What does United States Aircraft Insurance Group (USAIG) mean?
United States Aircraft Insurance Group is composed of insurers that provide coverage for the aviation industry and aviation-assisted business. It is founded by World War I pilots Reed McKinley Chambers and David C. Beebe in 1928 after the airline the former co-founded ceased operations.
Insuranceopedia explains United States Aircraft Insurance Group (USAIG)
United States Aircraft Insurance Group (USAIG) is built in 1928 because Florida Airways, an airline company that McKinley Chambers co-owned, went bankrupt after losing airplanes to storms. It was the first aviation insurance provider in the US. It has also become a significant figure for aviation since then. Not only does it provide coverage for aviation companies but businesses with airplanes as part of their operations (for transport of goods and supplies). It also prides itself in covering historic aviation experiments such as BOEING's 747 first commercial flight on February 9,1969 which had the most number of commercial passengers at that time.