Colombian Trade Code - Decree 410 of 1971 - Book Five - Navigation - Part One - From the Navigation Aquatics - Title XIII - Marine Insurance - Chapter III - Policy - From: Section 1710 to: 1714 Art

CHAPTER III

Policy

Section 1710 .- It is called the travel policy that is issued to secure the object along the way determined. Policy will be called time stretching to ensure order during a specified time.
Section 1711 .- In the absence of any stipulation to the travel policy will take effect:

1. In insurance on ship, from the moment you start the shipment of the goods or, in the absence of cargo from the moment it leaves the port of departure until the time that it is anchored or moored in the port destination, or termination of discharge, as it occurs later than within ten days after the arrival of the ship, if there is room for unloading of merchandise and

2. In insurance on goods, from the moment that they are in charge of shipping in the place of origin to the time they are made ​​available to the addressee or consignee at the destination.

Section 1712 .- The policy on the ship time shall be extended until the time they have been anchored or moored in the port of destination, whether the expiry of the insurance is produced in the course of the trip. The extension will entitle the insurer an additional premium, to be computed according to the original rate
in proportion to the term of the extension.
Section 1713 .- The policy may be estimated, if not only indicates the value of the insured but expresses the agreement under which it will be that value and not another as a basis for determining the amount of compensation, in case of disaster.
The terms valued policy, the estimated value, or value admitted, suffice to express this agreement.
Except for fraud or for the purpose of determining if you are in the presence of a constructive total loss, the estimated value may not be in dispute between insured and insurer.
Section 1714 .- It is estimated value policy does not however indicate that the value of the insured does not comply with the provisions of paragraph one of the preceding article. This policy supports the determination of the insurable value, to the extent of the sum insured, under the statue in this Title bases.