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AINS 23 Exam Questions with All Correct Answers

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AINS 23 Exam Questions with All Correct Answers Commonly covered perils for Hull insurance - Answer- (1) Perils of the sea, including high winds, rough seas, strandings, groundings and collisions (2) Fire, lightning & earthquake (3) Barratry--serious misconduct by the captain or crew that cau...

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  • October 3, 2024
  • 27
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ains 23
  • ains 23 exam
  • ains 23 exam questions with all correct answers
  • commonly covered perils for hull insurance

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AINS 23 Exam Questions with All
Correct Answers
Commonly covered perils for Hull insurance - Answer- (1) Perils of the sea, including
high winds, rough seas, strandings, groundings and collisions
(2) Fire, lightning & earthquake
(3) Barratry--serious misconduct by the captain or crew that causes damage to the
vessel
(4) All other like perils--this is not "all risk", only all similar perils named in the policy

Commonly also includes wording to cover items like electrical breakdown, boiler
bursting, breakage of shafts, latent defects and crew negligence. Also common to
include a collision liability clause ("running down") for collision damage to other vessels
and their cargo

Common sources of claims in P&I insurance - Answer- (1) Damage to piers, bridges,
wharves or other structures along waterways
(2) Injury to passengers, crews and other persons on the vessel
(3) Injury to persons on other vessels
(4) Damage to cargo of others aboard the insured vessel

Also includes items like cost of entering an unscheduled port for medical assistance.
This does not cover pollution liability

Retention - Answer- A risk financing technique by which losses are retained by
generating funds within the organization to pay for the losses

Occurrence Coverage Trigger - Answer- The event that triggers coverage under an
occurrence coverage form: injury or damage that occurs during the policy period

Claims-Made Coverage Trigger - Answer- The event that triggers coverage under a
claims-made coverage form; the first making of a claim against any insured during
either the policy period or an extended reporting period

Triggers for a CGL claim under Premises and Operations - Answer- Usually based on
negligence. The organization or a person for whose actions the organization is legally
responsible failed to exercise the appropriate degree of care. This aspect of a GL policy
includes contractual liability coverage

,Triggers for a CGL claim under Products and Completed Operations - Answer- Usually
based on negligence for completed operations, strict liability in tort, misrepresentation,
fraud, breach of warranty

Definition of what constitutes a Product or Completed Operation - Answer- Something
sold under the insured's name, sold by the insured and taken off premises, or a service
rendered and completed away from the insured premises

Coverage provided by Personal and Advertising Injury - Answer- Covers items such as
loss of reputation, humiliation, economic loss, consequential bodily injury arising from
one of the above. In addition it covers false arrest, wrongful eviction, libel, slander and
copyright infringement in an advertisement

Owners and Contractors Protective Policy - Answer- Bought by a contractor in the name
of the property owner. Covers the owner against liability arising from the contractors
operations or the Named Insured's negligence in supervision

Railroad Protective Liability Policy - Answer- Protects railroad owner from claims
against them by a contractor operating over, under or adjacent to a railroad. Usually
purchased by the contractor at the railroads request

Liquor Liability Coverage Form - Answer- Provides coverage for claims arising from
liquor/alcohol sales, a coverage excluded in CGL form

Electronic Data Liability Coverage Form - Answer- Policy form that covers against
liability for loss of electronic data

Product Withdrawal Coverage Form - Answer- Policy form covering the cost of
withdrawing or recalling products from the market

Pollution Coverage Forms - Answer- Multiple forms available to cover bodily injury,
property damage or clean up for pollution incidents

Occurrence - Answer- An accident, including continuous or repeated exposure to
substantially the same general harmful conditions

CGL Exclusion A: Expected or Intended Injury - Answer- Eliminates coverage for
intentional injury. This exclusion does not apply to the use of reasonable force to protect
persons or property

CGL Exclusion B: Contractual Liability - Answer- Eliminates coverage for liability
assumed under a contract (this does not apply if the insured would already have been
liable without the contract). This exclusion also does not apply to an "insured contract"

CGL Exclusion C: Liquor Liability - Answer- Eliminates coverage for a claim arising from
contributing to intoxication, furnishing alcohol to a minor or violating the laws regarding

, liquor sales and distribution. This only applies if the insured is in the alcoholic beverage
business. BYOB establishments are not excluded but are well advised to get a liquor
liability policy

CGL Exclusion D: Workers Compensation - Answer- Eliminates coverage otherwise
insured under work comp

CGL Exclusion E: Employers Liability - Answer- Eliminates coverage of bodily injury that
arises out of employment

CGL Exclusion F: Pollution - Answer- Eliminates coverage for claims that should be
otherwise covered under a pollution policy. Wording is broad to encompass the many
ways pollutants can be released. This exclusion does not apply to items such as a
hostile fire or the failure of a tank intended to hold fuel on mobile equipment

CGL Exclusion G: Aircraft, Auto or Watercraft - Answer- Eliminates coverage for claims
arising from ownership, maintenance or use of the above. Only "auto" is specifically
defined, not aircraft or watercraft

CGL Exclusion H: Mobile Equipment - Answer- Eliminates coverage for transportation of
mobile equipment that is owned, rented or borrowed by an insured, and eliminates
coverage for use in a racing, speed, demolition contest or stunt. No other exclusions
apply to mobile equipment and coverage extends if it is not otherwise excluded by Excl.
H

CGL Definition of "Mobile Equipment" - Answer- (1) Vehicle used primarily off public
roads, including bulldozers, farm machinery and forklifts
(2) Vehicle used solely on or next to premises owned or rented by the named insured
(3) Vehicle on crawler treads
(4) Vehicle maintained to provide mobility to various construction vehicles/equipment
(5) Vehicles that do not meet the above, are not self-propelled and are used to provide
mobility (ie. air compressor, pump, generator)
(6) Vehicles that do not meet the above and are used for purposes other than
transportation of persons or cargo

CGL Exclusion I: War - Answer- Eliminates coverage for anything arising directly or
indirectly from war or war-like actions

CGL Exclusion J: Damage to Property - Answer- Eliminates coverage for damage to
property owned, rented or occupied by named insured, premises sold, given away or
abandoned, property loaned or personal property in the care, custody or control of an
insured. These items should be covered under a property or inland marine policy.
Additionally, it excludes coverage for any claim arising from work being done by the
named insured or a contractor as this should be covered under a Builders Risk or OCP
policy

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