Fire Insurance Marine Insurance

Sr.
No.
Basis of Difference

Fire Insurance

Marine Insurance

1.


Meaning
A contract which insurer promises to pay compensation to insured if something happens to the subject matter due to fire or related events.
A contract whereby the insurance company undertakes to pay compensation to the insured in case of loss to him due to danger (perils) of the sea.

2.

Who takes it
It can be taken by exporters, importers and shipping companies.
It can be taken by individuals for their properties or by businessmen for their goods, properties business liabilities, etc.

3.
Subject matter
In fire Insurance, the goods and assets or property of the insured is the subject matter.
In Marine Insurance, goods in ship cargo and freight are the subject matter.

4.
Insurable interest
It must exist both at the time of contract and also at the time of loss.
It must exist at the time of loss.

5.


Period

It is generally for a short period like one year.
It is generally for a short period and may range from one month to a year. Normally, it does not exceed one year.

6.
compensation
It is paid only if there is loss due to fire during the term policy.
It is paid only if there is a loss causing during the term of the policy.

7.
Principle of Indemnity
It is applicable as insurance company compensates for the financial loss and the insured is bought back to the same financial condition that he was before the event
It is applicable as insurance company compensates for the financial loss and the insured is bought back to the same financial condition that he was before the event

8.
Number of policies
Generally, only one policy can be taken. However, double insurance is possible.
Generally, only one policy can be taken. However, double insurance is possible.

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