A statement of insurance coverage expressed either in time, or for transit from two physical points. For example: one year commencing on a specific date and time, or, from point a to point b.
Formerly, the marine insurance policy covered only from the time goods were actually loaded on board an ocean vessel at the port of shipment until they were “discharged and safely landed” at the port of destination. This was later extended by adding the words “including transit by craft, raft and/or lighter to and from the vessel.”
More recently, insurance coverage has included risks to a shipment of goods from the time the goods leave the warehouse for commencement of transit and continue during ordinary course of transit until delivered to final warehouse (warehouse-to-warehouse coverage) at destination, or until the expiration of 15 days (30 if destination is outside the limits of the port), whichever shall first occur. In the case of delay in excess of the time limit specified, if it arises from circumstances beyond his control, the assured is “held covered” if he gives prompt notice and pays additional premium.
See all risk; Marine Extension Clause 1943 & 1952.