| Basis of Difference | Fire Insurance | Marine Insurance |
| Compensation | Compensation is paid only in the event of loss due to fire. Nothing is paid otherwise. | Compensation is paid only in the event of loss due marine perils. Nothing is paid otherwise. |
| Duration | It does not generally exceed one year. | It is generally done for one year or for the period of voyage. |
| Subject matter | The goods and property of the person make the subject matter. | The goods in ship, cargo and freight make the subject matter. |
| Insurable interest | Insurable interest must exist at the time of taking the policy and also at the time of receiving the claim. | Insurable interest must exist at the time of receiving the claim or at the time of loss only |
