Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Where the contract is to insure the subject - matter at and from , or from one place to another place or to other places, the policy is called a voyage policy , and where the contract is to insure the subject - matter for a definite period of time the policy is called a time policy . A contract for both voyage and time may be included in the same policy.
(2) A time policy which is made for any time exceeding twelve months is invalid. Provided that a time policy may contain an agreement to the effect that, in the event of the ship being at sea or the voyage being otherwise not completed on the expiration of the policy, the subject - matter of the insurance shall be held covered until the arrival of the ship at her destination, or for a reasonable time thereafter not exceeding thirty days; and the policy shall not be invalid on the ground only that by reason of such agreement it may become available for a period exceeding twelve months.