AMIM 121 Chapter 13 Questions And Answers With Verified Solutions

American Institute Builders Risks Clauses (AIBRC) - Answer-An insurance form used in the American market to insure vessels under construction; includes hull, collision liability, and P&I coverage American Institute Ship Repairers Liability Clause - Answer-An insurance form for covering a ship repairer's liability for customers vessels in the ship repairer's care, custody, or control; also provides limited coverage for damage to property of other resulting from operation of a vessel in the ship repairer's care, custody, or control Himalaya Clause - Answer-A clause in a bill of lading in which the cargo liability limitations available to carriers are extended to terminal operators stevedores. Marina Operators Legal Liability - Answer-Insurance that in its traditional form covers a marina operators liability for damage to boats of marina customers while in the marina's care, custody, or control; in the current marketplace, often extended to cover additional loss exposures such as those covered by a CGL policy. Boatowner Policy - Answer-A policy used for insuring small pleasure boats Yacht Policy - Answer-A policy covering pleasure boats that exceed an insurers size and value guidelines for boatowner policies Uninsured Boat Coverage - Answer-Coverage that pays the damages that a covered person is legally entitled to recover because of bodily injury caused by the operator of another boat that has no bodily injury liability coverage, that is hit-and-run vessel, or whose bodily injury liability insurer has denied coverage or become insolvent Pleasure Use Warranty - Answer-An express warranty stating that the insured boat may be used only for private pleasure purposes Lay Up Warranty - Answer-An express warranty stating that the insured boat will be placed in a safe berth or ashore for storage between certain dates specified in the policyExploratory Well (appraisal well) - Answer-A well that is drilled to determine whether an oil or a gas deposit is at the drilling site and how productive it may be