diff --git a/hw/arm/musicpal.c b/hw/arm/musicpal.c
index cc50ace13d..7527037c23 100644
--- a/hw/arm/musicpal.c
+++ b/hw/arm/musicpal.c
@@ -837,7 +837,7 @@ static void mv88w8618_timer_init(SysBusDevice *dev, mv88w8618_timer_state *s,
     s->freq = freq;
 
     bh = qemu_bh_new(mv88w8618_timer_tick, s);
-    s->ptimer = ptimer_init(bh);
+    s->ptimer = ptimer_init(bh, PTIMER_POLICY_DEFAULT);
 }
 
 static uint64_t mv88w8618_pit_read(void *opaque, hwaddr offset,
diff --git a/hw/core/ptimer.c b/hw/core/ptimer.c
index 02c313542d..00fdf157fd 100644
--- a/hw/core/ptimer.c
+++ b/hw/core/ptimer.c
@@ -21,6 +21,7 @@ struct ptimer_state
     int64_t period;
     int64_t last_event;
     int64_t next_event;
+    uint8_t policy_mask;
     QEMUBH *bh;
     QEMUTimer *timer;
 };
@@ -243,12 +244,13 @@ const VMStateDescription vmstate_ptimer = {
     }
 };
 
-ptimer_state *ptimer_init(QEMUBH *bh)
+ptimer_state *ptimer_init(QEMUBH *bh, uint8_t policy_mask)
 {
     ptimer_state *s;
 
     s = (ptimer_state *)g_malloc0(sizeof(ptimer_state));
     s->bh = bh;
     s->timer = timer_new_ns(QEMU_CLOCK_VIRTUAL, ptimer_tick, s);
+    s->policy_mask = policy_mask;
     return s;
 }
diff --git a/hw/dma/xilinx_axidma.c b/hw/dma/xilinx_axidma.c
index a4753e55a2..b135a5ff12 100644
--- a/hw/dma/xilinx_axidma.c
+++ b/hw/dma/xilinx_axidma.c
@@ -548,7 +548,7 @@ static void xilinx_axidma_realize(DeviceState *dev, Error **errp)
 
         st->nr = i;
         st->bh = qemu_bh_new(timer_hit, st);
-        st->ptimer = ptimer_init(st->bh);
+        st->ptimer = ptimer_init(st->bh, PTIMER_POLICY_DEFAULT);
         ptimer_set_freq(st->ptimer, s->freqhz);
     }
     return;
diff --git a/hw/m68k/mcf5206.c b/hw/m68k/mcf5206.c
index e14896e529..b81901fdfd 100644
--- a/hw/m68k/mcf5206.c
+++ b/hw/m68k/mcf5206.c
@@ -139,7 +139,7 @@ static m5206_timer_state *m5206_timer_init(qemu_irq irq)
 
     s = (m5206_timer_state *)g_malloc0(sizeof(m5206_timer_state));
     bh = qemu_bh_new(m5206_timer_trigger, s);
-    s->timer = ptimer_init(bh);
+    s->timer = ptimer_init(bh, PTIMER_POLICY_DEFAULT);
     s->irq = irq;
     m5206_timer_reset(s);
     return s;
diff --git a/hw/m68k/mcf5208.c b/hw/m68k/mcf5208.c
index 24155574f2..9240ebf9af 100644
--- a/hw/m68k/mcf5208.c
+++ b/hw/m68k/mcf5208.c
@@ -183,7 +183,7 @@ static void mcf5208_sys_init(MemoryRegion *address_space, qemu_irq *pic)
     for (i = 0; i < 2; i++) {
         s = (m5208_timer_state *)g_malloc0(sizeof(m5208_timer_state));
         bh = qemu_bh_new(m5208_timer_trigger, s);
-        s->timer = ptimer_init(bh);
+        s->timer = ptimer_init(bh, PTIMER_POLICY_DEFAULT);
         memory_region_init_io(&s->iomem, NULL, &m5208_timer_ops, s,
                               "m5208-timer", 0x00004000);
         memory_region_add_subregion(address_space, 0xfc080000 + 0x4000 * i,
diff --git a/hw/net/fsl_etsec/etsec.c b/hw/net/fsl_etsec/etsec.c
index b5c777fbf6..951c5f0038 100644
--- a/hw/net/fsl_etsec/etsec.c
+++ b/hw/net/fsl_etsec/etsec.c
@@ -387,7 +387,7 @@ static void etsec_realize(DeviceState *dev, Error **errp)
 
 
     etsec->bh     = qemu_bh_new(etsec_timer_hit, etsec);
-    etsec->ptimer = ptimer_init(etsec->bh);
+    etsec->ptimer = ptimer_init(etsec->bh, PTIMER_POLICY_DEFAULT);
     ptimer_set_freq(etsec->ptimer, 100);
 }
 
diff --git a/hw/net/lan9118.c b/hw/net/lan9118.c
index 4615d873b1..3db8937cac 100644
--- a/hw/net/lan9118.c
+++ b/hw/net/lan9118.c
@@ -1345,7 +1345,7 @@ static int lan9118_init1(SysBusDevice *sbd)
     s->txp = &s->tx_packet;
 
     bh = qemu_bh_new(lan9118_tick, s);
-    s->timer = ptimer_init(bh);
+    s->timer = ptimer_init(bh, PTIMER_POLICY_DEFAULT);
     ptimer_set_freq(s->timer, 10000);
     ptimer_set_limit(s->timer, 0xffff, 1);
 
diff --git a/hw/timer/allwinner-a10-pit.c b/hw/timer/allwinner-a10-pit.c
index 3385e5dc35..22ceabe1d4 100644
--- a/hw/timer/allwinner-a10-pit.c
+++ b/hw/timer/allwinner-a10-pit.c
@@ -267,7 +267,7 @@ static void a10_pit_init(Object *obj)
         tc->container = s;
         tc->index = i;
         bh[i] = qemu_bh_new(a10_pit_timer_cb, tc);
-        s->timer[i] = ptimer_init(bh[i]);
+        s->timer[i] = ptimer_init(bh[i], PTIMER_POLICY_DEFAULT);
     }
 }
 
diff --git a/hw/timer/arm_timer.c b/hw/timer/arm_timer.c
index 111a16db37..98fddd7ac1 100644
--- a/hw/timer/arm_timer.c
+++ b/hw/timer/arm_timer.c
@@ -171,7 +171,7 @@ static arm_timer_state *arm_timer_init(uint32_t freq)
     s->control = TIMER_CTRL_IE;
 
     bh = qemu_bh_new(arm_timer_tick, s);
-    s->timer = ptimer_init(bh);
+    s->timer = ptimer_init(bh, PTIMER_POLICY_DEFAULT);
     vmstate_register(NULL, -1, &vmstate_arm_timer, s);
     return s;
 }
diff --git a/hw/timer/digic-timer.c b/hw/timer/digic-timer.c
index 0f21faf876..e1fcf73c3e 100644
--- a/hw/timer/digic-timer.c
+++ b/hw/timer/digic-timer.c
@@ -127,7 +127,7 @@ static void digic_timer_init(Object *obj)
 {
     DigicTimerState *s = DIGIC_TIMER(obj);
 
-    s->ptimer = ptimer_init(NULL);
+    s->ptimer = ptimer_init(NULL, PTIMER_POLICY_DEFAULT);
 
     /*
      * FIXME: there is no documentation on Digic timer
diff --git a/hw/timer/etraxfs_timer.c b/hw/timer/etraxfs_timer.c
index 36d8f462c4..8e18236c5a 100644
--- a/hw/timer/etraxfs_timer.c
+++ b/hw/timer/etraxfs_timer.c
@@ -322,9 +322,9 @@ static int etraxfs_timer_init(SysBusDevice *dev)
     t->bh_t0 = qemu_bh_new(timer0_hit, t);
     t->bh_t1 = qemu_bh_new(timer1_hit, t);
     t->bh_wd = qemu_bh_new(watchdog_hit, t);
-    t->ptimer_t0 = ptimer_init(t->bh_t0);
-    t->ptimer_t1 = ptimer_init(t->bh_t1);
-    t->ptimer_wd = ptimer_init(t->bh_wd);
+    t->ptimer_t0 = ptimer_init(t->bh_t0, PTIMER_POLICY_DEFAULT);
+    t->ptimer_t1 = ptimer_init(t->bh_t1, PTIMER_POLICY_DEFAULT);
+    t->ptimer_wd = ptimer_init(t->bh_wd, PTIMER_POLICY_DEFAULT);
 
     sysbus_init_irq(dev, &t->irq);
     sysbus_init_irq(dev, &t->nmi);
diff --git a/hw/timer/exynos4210_mct.c b/hw/timer/exynos4210_mct.c
index ae69345f0d..0c189348ae 100644
--- a/hw/timer/exynos4210_mct.c
+++ b/hw/timer/exynos4210_mct.c
@@ -1431,15 +1431,16 @@ static void exynos4210_mct_init(Object *obj)
 
     /* Global timer */
     bh[0] = qemu_bh_new(exynos4210_gfrc_event, s);
-    s->g_timer.ptimer_frc = ptimer_init(bh[0]);
+    s->g_timer.ptimer_frc = ptimer_init(bh[0], PTIMER_POLICY_DEFAULT);
     memset(&s->g_timer.reg, 0, sizeof(struct gregs));
 
     /* Local timers */
     for (i = 0; i < 2; i++) {
         bh[0] = qemu_bh_new(exynos4210_ltick_event, &s->l_timer[i]);
         bh[1] = qemu_bh_new(exynos4210_lfrc_event, &s->l_timer[i]);
-        s->l_timer[i].tick_timer.ptimer_tick = ptimer_init(bh[0]);
-        s->l_timer[i].ptimer_frc = ptimer_init(bh[1]);
+        s->l_timer[i].tick_timer.ptimer_tick =
+                                   ptimer_init(bh[0], PTIMER_POLICY_DEFAULT);
+        s->l_timer[i].ptimer_frc = ptimer_init(bh[1], PTIMER_POLICY_DEFAULT);
         s->l_timer[i].id = i;
     }
 
diff --git a/hw/timer/exynos4210_pwm.c b/hw/timer/exynos4210_pwm.c
index 0e9e2e9bf5..f5765075c7 100644
--- a/hw/timer/exynos4210_pwm.c
+++ b/hw/timer/exynos4210_pwm.c
@@ -390,7 +390,7 @@ static void exynos4210_pwm_init(Object *obj)
     for (i = 0; i < EXYNOS4210_PWM_TIMERS_NUM; i++) {
         bh = qemu_bh_new(exynos4210_pwm_tick, &s->timer[i]);
         sysbus_init_irq(dev, &s->timer[i].irq);
-        s->timer[i].ptimer = ptimer_init(bh);
+        s->timer[i].ptimer = ptimer_init(bh, PTIMER_POLICY_DEFAULT);
         s->timer[i].id = i;
         s->timer[i].parent = s;
     }
diff --git a/hw/timer/exynos4210_rtc.c b/hw/timer/exynos4210_rtc.c
index da4dd451b9..1a648c5d9e 100644
--- a/hw/timer/exynos4210_rtc.c
+++ b/hw/timer/exynos4210_rtc.c
@@ -555,12 +555,12 @@ static void exynos4210_rtc_init(Object *obj)
     QEMUBH *bh;
 
     bh = qemu_bh_new(exynos4210_rtc_tick, s);
-    s->ptimer = ptimer_init(bh);
+    s->ptimer = ptimer_init(bh, PTIMER_POLICY_DEFAULT);
     ptimer_set_freq(s->ptimer, RTC_BASE_FREQ);
     exynos4210_rtc_update_freq(s, 0);
 
     bh = qemu_bh_new(exynos4210_rtc_1Hz_tick, s);
-    s->ptimer_1Hz = ptimer_init(bh);
+    s->ptimer_1Hz = ptimer_init(bh, PTIMER_POLICY_DEFAULT);
     ptimer_set_freq(s->ptimer_1Hz, RTC_BASE_FREQ);
 
     sysbus_init_irq(dev, &s->alm_irq);
diff --git a/hw/timer/grlib_gptimer.c b/hw/timer/grlib_gptimer.c
index dd000f5afa..712d1aece5 100644
--- a/hw/timer/grlib_gptimer.c
+++ b/hw/timer/grlib_gptimer.c
@@ -363,7 +363,7 @@ static int grlib_gptimer_init(SysBusDevice *dev)
 
         timer->unit   = unit;
         timer->bh     = qemu_bh_new(grlib_gptimer_hit, timer);
-        timer->ptimer = ptimer_init(timer->bh);
+        timer->ptimer = ptimer_init(timer->bh, PTIMER_POLICY_DEFAULT);
         timer->id     = i;
 
         /* One IRQ line for each timer */
diff --git a/hw/timer/imx_epit.c b/hw/timer/imx_epit.c
index eddf3481e8..f34d7f7c77 100644
--- a/hw/timer/imx_epit.c
+++ b/hw/timer/imx_epit.c
@@ -314,10 +314,10 @@ static void imx_epit_realize(DeviceState *dev, Error **errp)
                           0x00001000);
     sysbus_init_mmio(sbd, &s->iomem);
 
-    s->timer_reload = ptimer_init(NULL);
+    s->timer_reload = ptimer_init(NULL, PTIMER_POLICY_DEFAULT);
 
     bh = qemu_bh_new(imx_epit_cmp, s);
-    s->timer_cmp = ptimer_init(bh);
+    s->timer_cmp = ptimer_init(bh, PTIMER_POLICY_DEFAULT);
 }
 
 static void imx_epit_class_init(ObjectClass *klass, void *data)
diff --git a/hw/timer/imx_gpt.c b/hw/timer/imx_gpt.c
index 82bc73cb86..f034d65036 100644
--- a/hw/timer/imx_gpt.c
+++ b/hw/timer/imx_gpt.c
@@ -461,7 +461,7 @@ static void imx_gpt_realize(DeviceState *dev, Error **errp)
     sysbus_init_mmio(sbd, &s->iomem);
 
     bh = qemu_bh_new(imx_gpt_timeout, s);
-    s->timer = ptimer_init(bh);
+    s->timer = ptimer_init(bh, PTIMER_POLICY_DEFAULT);
 }
 
 static void imx_gpt_class_init(ObjectClass *klass, void *data)
diff --git a/hw/timer/lm32_timer.c b/hw/timer/lm32_timer.c
index e45a65bb9d..2a07b59524 100644
--- a/hw/timer/lm32_timer.c
+++ b/hw/timer/lm32_timer.c
@@ -184,7 +184,7 @@ static void lm32_timer_init(Object *obj)
     sysbus_init_irq(dev, &s->irq);
 
     s->bh = qemu_bh_new(timer_hit, s);
-    s->ptimer = ptimer_init(s->bh);
+    s->ptimer = ptimer_init(s->bh, PTIMER_POLICY_DEFAULT);
 
     memory_region_init_io(&s->iomem, obj, &timer_ops, s,
                           "timer", R_MAX * 4);
diff --git a/hw/timer/milkymist-sysctl.c b/hw/timer/milkymist-sysctl.c
index 21948328ce..44885907c9 100644
--- a/hw/timer/milkymist-sysctl.c
+++ b/hw/timer/milkymist-sysctl.c
@@ -281,8 +281,8 @@ static void milkymist_sysctl_init(Object *obj)
 
     s->bh0 = qemu_bh_new(timer0_hit, s);
     s->bh1 = qemu_bh_new(timer1_hit, s);
-    s->ptimer0 = ptimer_init(s->bh0);
-    s->ptimer1 = ptimer_init(s->bh1);
+    s->ptimer0 = ptimer_init(s->bh0, PTIMER_POLICY_DEFAULT);
+    s->ptimer1 = ptimer_init(s->bh1, PTIMER_POLICY_DEFAULT);
 
     memory_region_init_io(&s->regs_region, obj, &sysctl_mmio_ops, s,
             "milkymist-sysctl", R_MAX * 4);
diff --git a/hw/timer/puv3_ost.c b/hw/timer/puv3_ost.c
index 93650b7990..0b3d717e60 100644
--- a/hw/timer/puv3_ost.c
+++ b/hw/timer/puv3_ost.c
@@ -125,7 +125,7 @@ static int puv3_ost_init(SysBusDevice *dev)
     sysbus_init_irq(dev, &s->irq);
 
     s->bh = qemu_bh_new(puv3_ost_tick, s);
-    s->ptimer = ptimer_init(s->bh);
+    s->ptimer = ptimer_init(s->bh, PTIMER_POLICY_DEFAULT);
     ptimer_set_freq(s->ptimer, 50 * 1000 * 1000);
 
     memory_region_init_io(&s->iomem, OBJECT(s), &puv3_ost_ops, s, "puv3_ost",
diff --git a/hw/timer/sh_timer.c b/hw/timer/sh_timer.c
index 255b2fc910..9afb2d048c 100644
--- a/hw/timer/sh_timer.c
+++ b/hw/timer/sh_timer.c
@@ -203,7 +203,7 @@ static void *sh_timer_init(uint32_t freq, int feat, qemu_irq irq)
     s->irq = irq;
 
     bh = qemu_bh_new(sh_timer_tick, s);
-    s->timer = ptimer_init(bh);
+    s->timer = ptimer_init(bh, PTIMER_POLICY_DEFAULT);
 
     sh_timer_write(s, OFFSET_TCOR >> 2, s->tcor);
     sh_timer_write(s, OFFSET_TCNT >> 2, s->tcnt);
diff --git a/hw/timer/slavio_timer.c b/hw/timer/slavio_timer.c
index fb3e08bedc..bfee1f3027 100644
--- a/hw/timer/slavio_timer.c
+++ b/hw/timer/slavio_timer.c
@@ -389,7 +389,7 @@ static int slavio_timer_init1(SysBusDevice *dev)
         tc->timer_index = i;
 
         bh = qemu_bh_new(slavio_timer_irq, tc);
-        s->cputimer[i].timer = ptimer_init(bh);
+        s->cputimer[i].timer = ptimer_init(bh, PTIMER_POLICY_DEFAULT);
         ptimer_set_period(s->cputimer[i].timer, TIMER_PERIOD);
 
         size = i == 0 ? SYS_TIMER_SIZE : CPU_TIMER_SIZE;
diff --git a/hw/timer/xilinx_timer.c b/hw/timer/xilinx_timer.c
index 2ea970dc9d..59439c05be 100644
--- a/hw/timer/xilinx_timer.c
+++ b/hw/timer/xilinx_timer.c
@@ -218,7 +218,7 @@ static void xilinx_timer_realize(DeviceState *dev, Error **errp)
         xt->parent = t;
         xt->nr = i;
         xt->bh = qemu_bh_new(timer_hit, xt);
-        xt->ptimer = ptimer_init(xt->bh);
+        xt->ptimer = ptimer_init(xt->bh, PTIMER_POLICY_DEFAULT);
         ptimer_set_freq(xt->ptimer, t->freq_hz);
     }
 
diff --git a/include/hw/ptimer.h b/include/hw/ptimer.h
index e397db5bdb..26c7fdcd75 100644
--- a/include/hw/ptimer.h
+++ b/include/hw/ptimer.h
@@ -12,11 +12,34 @@
 #include "qemu/timer.h"
 #include "migration/vmstate.h"
 
+/* The default ptimer policy retains backward compatibility with the legacy
+ * timers. Custom policies are adjusting the default one. Consider providing
+ * a correct policy for your timer.
+ *
+ * The rough edges of the default policy:
+ *  - Starting to run with a period = 0 emits error message and stops the
+ *    timer without a trigger.
+ *
+ *  - Setting period to 0 of the running timer emits error message and
+ *    stops the timer without a trigger.
+ *
+ *  - Starting to run with counter = 0 or setting it to "0" while timer
+ *    is running causes a trigger and reloads counter with a limit value.
+ *    If limit = 0, ptimer emits error message and stops the timer.
+ *
+ *  - Counter value of the running timer is one less than the actual value.
+ *
+ *  - Changing period/frequency of the running timer loses time elapsed
+ *    since the last period, effectively restarting the timer with a
+ *    counter = counter value at the moment of change (.i.e. one less).
+ */
+#define PTIMER_POLICY_DEFAULT               0
+
 /* ptimer.c */
 typedef struct ptimer_state ptimer_state;
 typedef void (*ptimer_cb)(void *opaque);
 
-ptimer_state *ptimer_init(QEMUBH *bh);
+ptimer_state *ptimer_init(QEMUBH *bh, uint8_t policy_mask);
 void ptimer_set_period(ptimer_state *s, int64_t period);
 void ptimer_set_freq(ptimer_state *s, uint32_t freq);
 uint64_t ptimer_get_limit(ptimer_state *s);