Voyage and Time Policies In Marine Insurance Act 1963
Section 27 recognises two types of Marine insurance policies – a Voyage Policy and a Time Policy. A Voyage Policy, as the name suggests, provides insurance cover only for a particular voyage and expires at the end of the voyage. Time Policy, on the other hand, provides insurance coverage for a specific period irrespective of the expiry of the voyage. However, a Time Policy for a period exceeding one year is void.
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Section 27 recognises two types of Marine insurance policies – a Voyage Policy and a Time Policy. A Voyage Policy, as the name suggests, provides insurance cover only for a particular voyage and expires at the end of the voyage. Time Policy, on the other hand, provides insurance coverage for a specific period irrespective of the expiry of the voyage. However, a Time Policy for a period exceeding one year is void.
Insurance Law And Practice - ICSI
Voyage and Time Policies In Marine Insurance Act 1963
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