93Contract to be in writing
(1)A contract for sea insurance (other than such insurance as is referred to in the fifty-fifth section of the [25 & 26 Vict. c. 63.] Merchant Shipping Act Amendment Act, 1862) shall not be valid unless the same is expressed in a policy of sea insurance.
(2)No policy of sea insurance made for time shall be made for any time exceeding twelve 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 twelve months.