Question

What is the difference between fire insurance and marine insurance?

Answer 1

Difference between fire insurance and marine insurance :

$$\begin{array}{ccc}\text{S. No}& \text{Fire Insurance}& \text{Marine Insurance}\\ \text{1.}& \text{The insured can claim the}& \text{The insured can claim the prime cost}\\ & \text{actual market value of the property}& \text{of goods destroyed plus a resonable}\\ & \text{destroyed by fire only.}& \text{margin for anticipated profits.}\\ \text{2.}& \text{Moral responsibility of the insured is an}& \text{The moral responsibility of}\\ & \text{important factor in this contact.}& \text{cargo-owner does not exist.}\\ \text{3.}& \text{Insurable interest must be present both}& \text{Insurable interest must exist only}\\ & \text{at the time the policy is issued and also}& \text{at the time of loss.}\\ & \text{when the loss takes place.}& \end{array}$$