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Question
State the following statement is True or False:
A marine policy which is taken for a fixed period is time policy.
State the following statement is True or False:
A marine policy which is taken for a fixed period is time policy.Open in App
Solution
The correct option is A True
Time policy is issued where the ship is insured for a definite period of time. The ship may pursue any course it chooses to, the policy would cover all the risks related to marine perils for the particular period of policy. A time policy is generally issued for one year, but it may contain a continuation clause to enable a ship to continue its voyage.
Time policy is issued where the ship is insured for a definite period of time. The ship may pursue any course it chooses to, the policy would cover all the risks related to marine perils for the particular period of policy.
A time policy is generally issued for one year, but it may contain a continuation clause to enable a ship to continue its voyage.
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