AMA fees are annual. I'm not sure of the exact date, but I think that if you pay your AMA dues now they will also cover next year's dues too (since this flying year is winding down). Email or call AMA (or check out their website) to find out the exact date.

The insurance is LIABILITY insurance only. That means it covers damages done to others, or other property, in the event that you hit somebody or something. It does not cover any losses you may have (such as your crashed plane or any property owned by you).

Ken