Fire insurance is a contract where one party agrees to indemnify the other against loss or damage caused by fire in return for a premium payment. Fire insurance contracts typically last one year and the insurer is only liable if the fire was accidental and the proximate cause of damage. Marine insurance is an agreement where the insurer indemnifies the insured against marine losses in the manner agreed. There are different types of marine insurance including hull insurance, which covers damage to the ship, cargo insurance, which covers goods while in transit by sea, and freight insurance, which reimburses shipping companies for lost freight charges if cargo does not reach its destination due to damage or loss. Marine insurance contracts are based on utmost good faith

2. FIRE INSURANCE IS A CONTRACT WHEREBY ONE
PARTY, IN RETURN FOR A CONSIDERATION,
UNDERTAKES TO INDEMNIFY OTHER PARTY
AGAIST ANY LOSS OR DAMAGE CAUSED BY FIRE
Premium may be paid either in lump sum or in
installments
Normally fire insurance is for a period of one
year

3. There must be actual loss
Fire must be accidental and non-intentional

4. The contract of fire
insurance is a contract
of strict indemnity
Insured must have
insurable interest in
the subject matter of
insurance
The insurer is liable to
compensate only
when fire is the
proximate cause of
damage or loss
Contract of fire
insurance is a contract
of utmost good faith

5. A MARINE INSURANCE CONTRACT IS AN
AGREEMENT WHEREBY THE INSURER
UNDERTAKES TO INDEMINIFY THE INSURE IN
THE MANNER AND TO THE EXTENT THEREBY
AGREED AGAINST MAIRNE LOSSES

6. SHIP OR HULL
INSURANCE
FREIGHT
INSURANCE
CARGO
INSURANCE

7. THIS TYPE OF INSURANCE IS FOR
INDEMNIFYING THE INSURED FOR LOSSES
CAUSED BY DAMAGE TO THE SHIP

8. UNDER THIS INSURANCE THE INSURER AGREES
TO INDEMNIFY THE CARGO WHILE BEING
TRANSPORTED BY SHIP
RISK OF THEFT,LOST GOODS OR ON VOYAGE

9. IF THE CARGO DOESNOT REACH THE
DESTINATION DUE TO DAMAGE OR LOSS IN
TRANSIT THE SHIPPING COMPANY IS NOT
PAID FREIGHT CHARGES
FREIGHT INSURANCE IS FOR REIMBURSING
THE LOSS OF FREIGHT TO THE SHIPPING
COMPANY

10. CONTRACT OF MARINE INSURANCE IS
A CONTRACT OF INDEMNITY
CONTRACT OF MARINE INSURANCE IS A
CONTRACT OF UTMOST GOOD FAITH
INSURABLE INTEREST MUST EXISTS AT
THE TIME OF LOSS
THE PRINCIPLE OF CAUSA PROXIMA IS
APPLICABLE

11. THANK YOU