law: 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.