law: Marine Insurance Act, 1963 
  31. Floating policy by ship or ships 
  (1) A floating policy
  
  is a policy which describes the insurance in general terms, and leaves the name
  
  or names of the ship or ships and other particulars to be defined by subsequent
  
  declaration.
  (2) The subsequent
  
  declaration or declarations may be made by endorsement on the policy, or in
  
  other customary manner.
  (3) Unless the policy
  
  otherwise provides, the declarations must be made in the order of dispatch or
  
  shipment. They must, in the case of goods, comprise all consignments within the
  
  terms of the policy and the value of the goods or other property must be
  
  honestly stated, but an omission or erroneous declaration may be rectified even
  
  after loss or arrival, provided the omission or declaration was made in good
  
  faith.
  (4) Unless the policy
  
  otherwise provides, where a declaration of value is not made until after notice
  
  of loss or arrival, the policy must be treated as an unvalued policy as regards
  
  the subject-matter of that declaration.