My mechanical repair agreement covers the following related to the engine I am not sure if the IMS is part of this:

Cylinder block and all internal lubricated parts including: crankshaft, rod and bearings, cam bearings, connecting rods, wrist pins, pistons, piston rings, camshaft, cam tower, lifters, cyclinder head, valves and guides, pushrods the list goes on and on... It also covers seals and gaskets, fastners for the components listed.

Then the agreements states since I have the Platinum coverage they will remedy and breakdown except the following: lists engine maintenance services and parts like engine tune up, EGR valve, batteries, fliters brake pads, engine coolant.

Seems like it should be covered as it not listed as excluded.

 

I would say the IMS bearing is an internally lubricated part. The bearing is what fails and causes the damage.