In our article we are going to share with you the complete information about the main types of insurance name Marine insurance and Fire Insurance.
If you unaware of these types of insurance and also know about the advantage and benefits of both insurance types than read this article completely.
What is Marine insurance?
Marine insurance provides protection against the loss of marine perils.
The marine perils are; collision with a rock or ship, and captured by pirates, etc. these perils cause damage, destruction or disappearance of the ship and cargo and non-payment of freight.
What is Fire Insurance?
Fire Insurance covers the risk of fire.
In the absence of fire insurance, the fire waste will increase not only to the individual but to the society as well.
With the help of fire insurance, the losses arising due to fire are compensated and the society is not losing much.
The individual is preferred from such losses and his property or business or industry will remain approximately in the same position in which it was before the loss.