Difference between fire insurance and marine insurance:
Fire Insurance:
1.The insured can claim the actual market value of the property destroyed by fire only.
2.Moral responsibility of the insured is an important factor in this contract.
3.Insurable interest must be present both at the time the policy is issued and also when the loss takes place.
Marine Insurance:
1.The insured can claim the prime cost of good destroyed plus a reasonable margin for anticipated profits.
2.The moral respon-sibility of cargo- owner does not exist.
3.Insurable interest must exist only at the time of loss.