(1) A contract for sea insurance (other than such insurance as is referred to in section 506 of the Imperial Merchant Shipping Act, 1894) shall not be valid unless it is expressed in a policy of sea insurance.
(2) A policy of sea insurance made for time shall not be made for any time exceeding 12 months.
(3) A policy of sea insurance shall not be valid unless it specifies the particular risk or adventure, the names of the subscribers or underwriters, and the sum or sums insured, and is made for a period not exceeding 12 months.