Question

Distinguish between the following:
Fire Insurance & Marine Insurance

Answer 1

Basis of Difference	Fire Insurance	Marine Insurance
Compensation	Compensation is paid only in the event of loss due to fire. Nothing is paid otherwise.	Compensation is paid only in the event of loss due marine perils. Nothing is paid otherwise.
Duration	It does not generally exceed one year.	It is generally done for one year or for the period of voyage.
Subject matter	The goods and property of the person make the subject matter.	The goods in ship, cargo and freight make the subject matter.
Insurable interest	Insurable interest must exist at the time of taking the policy and also at the time of receiving the claim.	Insurable interest must exist at the time of receiving the claim or at the time of loss only.