(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 12 months is invalid.