Insurance on the open sea

Insurance on the open sea -

As you probably know from the media coverage, the Titanic sank 100 years ago last week. This disaster has long been seen as a loss of the costliest marine insurance, although the sinking of last year Costa Concordia in Italy seems to have passed. It is interesting, therefore, that a Titanic insurance document comes surface for the first time in a century. The document, which records the total salary of £ 4,000 (estimated £ 263,000 or $ 419,432 in today's money) by Royal Insurance, now part of RSA Insurance Group has never been seen by anyone outside of RSA. It was only a small part of total insurance payments. As the hull and machinery of the vessel was valued at £ 1 million, the White Star Line owners have been hundreds of different insurers.
Encyclopedia Titanica over 100 articles on insurance claims on the Titanic. The first estimate of two weeks after the disaster were the life insurance payments totaled approximately $ 2.1 million, and accident insurance payments came to just over $ 1.5 million. The industry believes that the life insurance losses would end at $ 4 million, accident insurance losses to $ 2 million. Many passengers specific life insurance policies and travel while the other survivors lost passengers have filed claims against White Star Line. A Mrs. Irene Harris as $ 1000 000 for the loss of her husband, a theater director. The first claim is for Mr. Ervin G. Lewy Chicago and a morbid note the article says that without a death certificate, the company had to "force certain points" to permit payment. Finally, White Star paid $ 664,000 to settle all claims.
In a fascinating look back at the insurance industry there a century, the New York Times of April 1912 is very complementary to insurers settled the claims Titanic so fast. It also notes that, although in the age of sail, a boat was never reported lost up to one year and one day after it was expected in port, modern technology - namely, radios - have changed this age old rule and now dispatches were considered lost almost immediately after the disaster.
Although the golden age of ocean liners is probably past the cruise ships are in record numbers at sea. While the chances of all that happening on a modern cruise are so few as to be almost zero, you, like John Jacob Astor, can consider buying insurance travel if you plan a trip to the deep ocean. And you should periodically assess your life insurance coverage - a good idea if you will be taking ocean cruises or not. Your independent insurance agent can help Renaissance Alliance
* Image Source: PD-US - Titanic

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