What is the Associate In Marine Insurance Management - AMIM
The Associate in Marine Insurance Management (AMIM) is the Insurance Institute of America’s professional designation for marine insurance professionals. The AMIM is designed to deepen the understanding of marine insurance for those who frequently advise clients in marine insurance cases. The AMIM’s areas of expertise include ocean marine insurance, inland marine insurance, principles of risk management and insurance, insurance company operations, legal environment of insurance and management. This program of study is valuable for individuals working in the fields of ocean marine and inland marine insurance. The AMIM program was developed with the technical and financial assistance of the Inland Marine Underwriters Association and the American Institute of Marine Underwriters.
BREAKING DOWN Associate In Marine Insurance Management - AMIM
The AMIM designation is recommended for marine managers, marine underwriters, agents and brokers, agency principals, claims adjusters, risk managers, call center personnel, customer service representatives and commercial package underwriters. Completing the AMIM coursework may also earn credit toward the Associate in General Insurance (AINS) and Associate in Insurance Services (AIS) designations. Candidates do not need to meet any experience or education requirements to attain this designation, and there are no continuing education requirements.
AMIM candidates gain improved knowledge about how marine insurance covers the damage or loss of ships, cargo, hulls, terminals, shipyards or any property by which cargo is acquired, transferred or held between the points of origin and final destination. The AMIM program can be completed in as little as 18-24 months.
Required and Optional AMIM Courses
Candidates must pass examinations in six classes to receive the AMIM designation. The four required courses are Ocean Marine Insurance, Foundations of Risk Management and Insurance and Professionalism, Inland Marine Insurance and the Legal Environment of Insurance. Subjects covered in the required courses include shipping fundamentals, cargo insurance policies, cargo underwriting, coverages for shipyards, protection and indemnity, hull insurance, insurance company operations and fine arts insurance. Each exam takes two hours and contains 85 questions. Local testing centers administer the exam throughout the year, with results provided immediately upon the completion of the exam. Those pursuing the AMIM designation must also pass a 50-question exam on Ethical Guidelines for Insurance Professionals.
AMIM candidates must also complete two elective courses which enable them to customize the course of study to meet their specific needs and interests. Options for elective courses include Finance and Accounting for Insurance Professionals, Risk Financing, Managing Bodily Injury Claims, Strategic Underwriting Techniques, Liability Claim Practices, Risk Management Principles and Practices, Commercial Property Risk Management and Insurance and Risk Assessment and Treatment.