Marine insurance term to denote the period during which the insurer will be liable under the policy. This may mean the duration of a voyage or the completion of a period of time depending on the type of policy concerned, voyage or time. A voyage policy on a hull continues until the ship has moored at anchor in good safety for 24 hours at the port of destination named in the policy but the policy may extend this period. In the case of goods the risk terminates when they are safely landed but this is usually extended by a transit clause. The contract may terminate early if the adventure is not commenced within a reasonable period of time (Marine Insurance Act 1906, s.42(1).