United States Aircraft Insurance Group
What Does United States Aircraft Insurance Group Mean?
The United States Aircraft Insurance Group consists of insurers that provide coverage for the aviation industry and aviation-related businesses. It was founded in 1928 by World War I pilots Reed McKinley Chambers and David C. Beebe, following the cessation of operations of the airline co-founded by Chambers.
Insuranceopedia Explains United States Aircraft Insurance Group
The United States Aircraft Insurance Group (USAIG) was established in 1928 after Florida Airways, an airline co-owned by McKinley Chambers, went bankrupt following losses of airplanes to storms. It became the first aviation insurance provider in the U.S. and has since grown into a significant entity in the aviation industry. USAIG not only offers coverage for aviation companies but also for businesses that use airplanes in their operations, such as transporting goods and supplies. The company takes pride in covering historic aviation milestones, including Boeing’s 747 first commercial flight on February 9, 1969, which carried the largest number of commercial passengers at the time.
