From the AMA web site:
Value and Peace of Mind:
Flying models is a safe activity, but sometimes accidents can happen involving
people or property. Enjoy peace of mind flying knowing you’re covered with
liability, medical, fire, and theft insurance. This insurance is an outstanding
member benefit that would cost you $1,000 or more to purchase separately on
your own. And you’re covered for whatever type of model aircraft you fly and
whether you choose to fly at an AMA club field, park, backyard, or wherever. Just
fly for recreational fun and operate within the AMA’s Safety Programming.
I am still going to call AMA and get their answer on the phone.