What is a time policy?

A policy for a specified period of cover. Although the period may be of any agreed duration, the hull and machinery of most ships is insured on a time policy with cover commencing at 0000 hours GMT/UTC on a specified date and ending exactly 12 months later.

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Written by Ship Inspection

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What is a voyage policy?

What two kinds of policy does the Marine Insurance Act 1906 recognise?