Distinguish Between – Fire Insurance and Marine Insurance

Distinguish Between

Fire Insurance and Marine Insurance

The Maharashtra HSC Board – Organization of Commerce and Management – Notes,  & Distinguish Between, difference between Fire Insurance and Marine Insurance , study notes, studies material, studies notes – according to the New Textbook.

Sr.NoBasis of

difference

Fire InsuranceMarine Insurance
1.MeaningA 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.Subject matterIn 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.
3.PeriodIt 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.
4.Who takes itIt 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.
5.Insurable interestIt must exist both at the time of contract and also at the time of loss.It must exist at the time of loss.
6.compensationIt 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.BeneficiaryThe beneficiary is the insured who has insured the property or goodThe  beneficiary  is the insured person or company

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