(1) If a ship is insured for each voyage, the period of coverage shall commence at the time the shipment of goods or ballast starts.
(2) If cargo is insured, the period of coverage shall commence at the time the loading of goods starts: Provided, That if the place of shipment of the cargo has been determined, the period of coverage commences at the time the transportation starts therefrom.
(3) If an insurance contract is concluded under paragraph (1) or (2) after the loading of goods or ballast starts, the period of coverage shall commence at the time of the conclusion of the contract.[This Article Wholly Amended by Act No. 4470, Dec. 31, 1991]