I used to work as a design engineer for one of the firepump manufacturers. Here is the answer I received right from the mouth of the FM inspector, paraphrased, not quoted verbatim as it was several years ago:
UL is going to focus more on is the product safe. Will it blow up, will it hurt someone, will the door blow open if there is an electrical fault. They are going to analyze the ratings of the breakers, the voltages, insulation spacings, etc. We (FM) trust UL to take care of this aspect of the design and we are going to concern ourselves with the operation. Will it do the job, does it have noise issues, will it be reliable, how was the software designed? Things like that.
Basically, UL is going to cover is the product safe. FM will focus on will it function reliably in a harsh environment.