May 6, 2003: Soon to be Infamous AIG Offers New Insurance to CAP Aircraft Owners

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On this date in 2003, AIG Aviation, Inc., a subsidiary of what would the be one of the infamous triggers of the 2008-? recession, AIG, offered Civil Air Patrol members new coverage for non-owned aircraft damage liability.

An excerpt from the Insurance Journal:

AIG Aviation, Inc., a member company of American International Group, Inc. (AIG), is now endorsing Civil Air Patrol (CAP) liability coverage onto the non-owned aircraft damage liability insurance form.

"The Civil Air Patrol plays a vital role in our nation's safety and security," said Jim Anderson, vice president of AIG Aviation, Inc. "However, with recent changes to Civil Air Patrol regulations, CAP pilots are facing possible liability exposures in the course of performing their official duties.

Understanding the risk exposures under the new regulations, we are pleased to provide this much needed coverage for CAP pilots."

Civil Air Patrol liability coverage is optional coverage that provides protection for physical damage to a non-owned aircraft that a CAP pilot may be responsible for during official CAP missions.

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