AMIM 121 Exam Questions & Answers Already Passed!!

charterers liability policy - Answer-an insurance policy that covers a voyage or time charterer's liabilities arising out of the charter party Builders Risk - Answer-cover during vessel construction ship repairers liability policy - Answer-bailee coverage marina operators legal liability - Answer-coverage for damage done to a vessel while in the custody of a marina boat dealers - Answer-inventory coverage legal contract - Answer-consists of the insured, assured, and the insurer, the underwriter. states the underwriter will indemnify the assured for specified losses in consideration of premium paid marine contracts are interpreted by admiralty law Insurable Interest - Answer-Any financial interest in life or property such that, if the life or property were lost or harmed, the insured would suffer financially. Contracts of utmost good faith - Answer-insured must voluntarily reveal to insurer all information pertinent to the risk express warranties exceptivepromissory - Answer-clearly stated in the policy excludes certain types of loss assured guarantees action or non participation under America law the strength of a promissory warranty may be questionable if the breach was not material to the loss implied warranties sea worthiness no deviation legality - Answer-not specifically stated but assumed vessel is fit for the task and the captain and crew are competent for voyage policies it is implied that the vessel will hold to course plan except to avoid loss the venture in which the vessel is engaged must be legal voyage policy time policy - Answer-coverage only a specified voyage coverage is provided until determined expiry date