What is Time Policy in Marine Insurance?

Time policy in marine insurance refers to a specified period of time when the insured is covered under the marine policy. It generally comes with a period of 12 months or one year. The insurance policy lapses after the passage of the specified time mentioned in the insurance contract.

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Features & Benefits of Time Policy in Marine Insurance

The time policy in marine insurance is offered for a fixed period of time. According to the regulation applicable in India, the maximum time period for such insurance is 12 months.

Let us discuss some features and benefits of time policy in marine insurance.


The insured may avail coverage against every peril during the tenure of the time policy in maritime insurance. The policyholder shall be entitled to avail the coverage for damage which may occur.


The time policy is available for one year. The property of the insured may depend on the coverage provided by such a policy. In addition, the hull and machinery insurance's policyholder may obtain the utmost advantage. The machinery of the ship is prone to high risk. Hence, such insurance suits the policyholder for hull and machinery insurance.


The policy offers coverage for a period of one year. It does not matter if the policyholder undertakes one or a multiple voyages. The policy shall cover the insured against every peril on every voyage. The insurance coverage shall not be affected due to a high number of voyages.

Additional Features of Time Policy

Let us discuss some additional features of the time policy.

Time Period

The policy generally comes with a fixed period of one year. However, it is at the discretion of the policyholder to decide how short the time period should be. There is no restriction on determining the short period for this policy. The policyholder is free to choose tenure for less than a year.

Continuance Clause

The time policy automatically lapses after the expiration of the policy tenure. It may create an issue for the policyholder. The voyage might face or experience an unforeseeable misfortune which may cause delay. Such circumstances are likely to expose liabilities to the ship outside the policy tenure. This problem needed to be addressed. 

Therefore, the insurance companies come with a continuance clause. The clause offers some extension to the policy period. It refers that if the ship fails to complete the voyage within the tenure of the policy, the policy is likely to be continued with its coverage until the ship arrives at the decided destination or port.

For example, consider the policy tenure ends on 16th March. If the ship is still on its voyage, then the tenure is likely to continue with the continuance clause. If the ship completes its voyage on 18th March, the policy shall remain in force till 18th March. This gives the ship enough time to arrive at the port. Therefore, the policyholder must opt for a continuance clause.

Ideal Insurance

The time policy is ideal marine insurance for tramp shipping. Tramp shipping refers to ships that do not follow a fixed or set route. Tramp shipping only deals in cargo shipping.

Learn more about Marine Insurance


Time policy in marine insurance is an essential aspect of the import and export business. Moreover, the marine insurance policy is a mandate by the law. Every business that engages or is involved in the commercial transport of goods from one nation to another must subscribe to a marine insurance policy. One may find different types of policies such as freight insurance, liability insurance, marine cargo insurance, etc. The policyholder must purchase the policy that suits his business.

Written By: PolicyBazaar - Updated: 20 March 2024

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Policybazaar for Business - Marine Insurance - Customer Reviews
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3.8 April 20, 2023
Great Experience
I recently purchased Marine insurance from Policybazaar for my shipping business and I must say I am thoroughly impressed with their service and coverage. From start to finish, the experience has been smooth and hassle-free.Thankyou.
4.3 April 03, 2023
Provides Comprehensive Protection
When it comes to coverage, Marine insurance that i bought from PolicyBazaar has exceeded my expectations. It provides comprehensive protection for my cargo and vessels during transit, ensuring I can focus on my business operations with peace of mind. Thankyou.
4.3 March 17, 2023
Excellent Services
I highly recommend Marine insurance from PolicyBazaar website to anyone in the shipping or logistics industry. Their user-friendly website, comprehensive coverage, and excellent customer service make them stand out from the competition. With Policybazaar, I feel confident in navigating the high seas, knowing that my business is well-protected. Thank you, Policybazaar.
4.3 February 28, 2023
User Friendly Interface
The website's user-friendly interface made it easy to compare different plans and find the perfect fit for my business needs.Thanks
4.3 February 11, 2023
Prompt Services
I appreciate the transparency and honesty with which Policybazaar handled my claims. They were prompt in processing my claim and their claim settlement process was hassle-free.Thanks PolicyBazaar.
3.8 February 10, 2023
Exceeds Expectations
I recently had the pleasure of purchsing marine insurance from Policy bazaar website and I must say it has been an outstnding experience from start to finish. I am thrilled to share my positive customer review, as this truly exceeded my expectations. Thanks PB.
3.8 January 31, 2023
Easy Navigation
The ease of navigating the Policy bazaar website and finding the right marine insurance policy was impressive. The website's user-friendly interface and intuitive design made it incredibly simple to compare various options, understand the coverage details and make an informed decision. I appreciated the transparency provided throughout the process. Thanks.
3.8 January 21, 2023
Excellent Support
The customer service provided by Policy bazaar was decent. Their team was responsive, knowledgeable and went above and beyond to assist me at every step. Their professionalism and commitment to customer satisfaction were truly commendable.Thankyou.
4.3 January 11, 2023
Sanjeev Rathor
Efficient Process
When it came to claims processing, Policy bazaar demonstrated remarkable eficiency and effectivenes. I had an unfortunate incident during the coverage period and filing a claim was a breeze. The entire process was streamlined and their team guided me throuugh every necssary step, making it hassle-free. The promptness with which my claim was setled reflected their commitment to their customers' well-being and peace of mind. Thankyou.
3.8 January 01, 2023
Comprehensive Coverage
I must mention the comprehensive coverage provided by the marine insurance policy I purchasd through Policy bazaar. It offered me the necesary protection and peace of mind. Thankyou PolicyBazaar.