Definition - What does Time Policy mean?
A time policy is a type of marine insurance policy that covers the insured for a specified period of time. The policy usually has a maximum length of twelve months. After the specified insurance period ends, the policy lapses.
Insuranceopedia explains Time Policy
The nearest equivalent to time policies are voyage policies. These latter marine insurance policies provide coverage for the entire voyage, from departure to arrival. Time policies, however, require the insured to decide how long they want their coverage to last, and it may be based on the estimated length of a single, entire voyage or a number of planned trips taken over a given period of time. It is also possible to purchase mixed policies that combine features of both time and voyage policies.