Question

Differentiate between fire insurance and marine insurance.​

Answer 1

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Answer 2

Fire insurance can be defined as a contract in which the insurance company promises to indemnify the insured, in case of any loss or damage caused to the property covered in the contract, of the insured, due to fire. On the other hand, by the term ‘marine insurance’, we mean an insurance in which the insurance company undertakes to compensate the insured in case of any loss to the ship or cargo, because of sea danger.

In fire insurance, the insurable interest must be present both at the time of taking policy and when the loss occurs. As against, in case of marine insurance, the insurable interest must be there only at the time of loss.

Fire insurance covers risks due to fire and associated risks. Conversely, marine insurance covers sea perils.