UK: A policy that insures the subject-matter, normally a hull, for a stated period of time (Marine Insurance Act 1906, s.25(1)) as opposed to a specific voyage. Hull risks are usually insured in this way using the International Hull Clauses or the earlier Time Clauses.
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UK: a type of marine insurance in which a ship is insured for a specific period of time, rather than a specific voyage.
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Ocean marine Policy covering the insured’s interests in voyages which begin during the Policy period. A time Policy, appropriate for a shipper of many cargoes or the owner of several vessels, does not cover losses to voyages which were underway whey the Policy period began, but, as long as the voyage began during the Policy period, it covers losses in voyages which conclude after the Policy period ends.