| Sr. No. | Point of Distinction | Fire Insurance | Marine Insurance |
| 1. | Meaning | A contract in 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 dangers (perils) of the sea. |
| 2. | Who takes it | It can be taken by individuals for their properties or by businessmen for their goods, properties business liabilities, etc. | It can be taken by exporters, importers and shipping companies. |
| 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 is 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 of policy | It is paid only if there is a loss causing event during the term of the policy. |
