Section 27. Voyage and time policies

27. Voyage and time policies.— (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 twelve months is invalid.