Marine Insurance Act, 1963
27. Voyage and time policies
(1) Where the contract is to insure the subject-matter at and from, or from one place to another or others, 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.