Consider the following statements:
1. In the case of marine insurance, the insurable interest must exist at the time of loss.
2. In the case of fire insurance, the insurable interest should exist at the time of contract and also at the time of loss.
Which of the above statements is/are correct?
1
Only 1
2
Only 2
3
Both 1 and 2
4
Neither 1 nor 2