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Was the Titanic insured?

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1 year ago

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By John Healy of Healy Insurances

On April 14, 1912 the titanic - at the time the most luxurious ocean liner ever built - collided with an iceberg during her maiden voyage.

It was a human disaster on a massive scale where 1,514 people perished. But what of the Titanic itself, was it insured for loss?

At the time of the disaster, Lloyds of London and the media were still in the early stages of using wireless telegraphy to communicate with ships at sea. Lloyd’s was a significant contributor to the new technology and, with the help of inventor Guglielmo Marconi, had set up signal stations from Cornwall to Canada so that vessels crossing the Atlantic could communicate with land.

The Lloyd’s signal station in Halifax, Nova Scotia, was called Cape Race, and was the first to hear the news that the ship was sinking. Other signal stations issued conflicting reports, resulting in great confusion. Two days later, some newspapers still thought the Titanic had survived, and was being towed to Halifax.
Lloyd’s, however, understood the situation. Underwriters began to trade ‘overdue insurance’ – a form of reinsurance commonly purchased after a marine incident.

The Chicago Record Herald of April 16 conveyed the market’s heightened emotion under the headline ‘Lloyd’s near to panic’: “Insurance losses in the last six months have been unparalleled in the history of Lloyd’s in liners of the biggest class. Both the Delhi and the Oceana have been wrecked, and now comes the disaster to the Titanic...".

Back on January 9, broker Willis Faber & Co had come to Lloyd’s underwriting room to insure the Titanic and her sister ship, the Olympic, on behalf of the White Star Line. It was considered a prestigious risk, with cover for the hull alone standing at £1m – around £95m in today’s money. Numerous Lloyd’s syndicates put their names on the slip, covering amounts ranging from £10,000 to £75,000. Willis was able to negotiate a favourable premium for this proudly ‘unsinkable’ vessel of just £7,500.

Despite the high levels of claims arising from the tragedy, insurers paid out in full within 30 days.
From Lloyd’s perspective, the Titanic will long be remembered as one of the market’s biggest losses alongside major natural and manmade catastrophes such as the loss of HMS Lutine in 1799, the 1906 San Francisco Earthquake and more recently 9/11, Hurricane Katrina and the Japanese earthquake and tsunami of 2011.

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Ballyspillane Community and Family Resource Centre launch Ageless roadshow

  Ballyspillane Community and Family Resource Centre is putting on a series of meetings and talks to offer older members of the community a chance to meet people from organisations […]

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20 hours ago

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24 September 2023

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Ballyspillane Community and Family Resource Centre is putting on a series of meetings and talks to offer older members of the community a chance to meet people from organisations that will enhance their lives.

The first talk will take place on October 3 at the Ballyspillane Community Resource Centre and will continue thereafter on a regular basis.

Thomas Doyle from SpecSavers will give the first talk and other groups like the Alzheimer Society of Ireland, Alone, Family Carers Ireland, the Health and Safety Executive, Heartbeat Killarney, Be Active Be Well and the Parkinson’s Association of Ireland will join at future dates.

“We felt there was a need to bring all the organisations that can give older people the opportunity to come and meet organisations to offer support, services and activities that align with the life they wish to live,” said Sophie Haighway of the Ballyspillane Community Resource.

“The Ageless road show is a combination of organisations to help older people in the community. The groups that have committed to attend are the on alternative months. There will a guest speaker each month,”

The roadshow will be held in Ballyspillane CFRC the first Tuesday of every month from 12.30 pm-2 pm.

Further details from Sophie on 085 7723723.

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Climb Carrauntoohil three times in one day

A Tipperary woman is going to attempt to climb Carrauntoohil three times in one day to raise money for a sick child. Nikita Conlon from Roscrea is a personal trainer […]

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2 days ago

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23 September 2023

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A Tipperary woman is going to attempt to climb Carrauntoohil three times in one day to raise money for a sick child.

Nikita Conlon from Roscrea is a personal trainer and care assistant who has been working in health care for 18 years.

While working at the Milford Care Centre she met the family of Noah Quish. The six-year-old from Monaleen, Limerick was born with serious health issues ranging from a heart defect, severe laryngomalacia, severe sleep apnoea, scoliosis and chromosome deletion.

‘I worked in the Milford Care Centre for five years where I met Una Quish, Noah’s mam, so I felt the need to do something to help his family. I decided to set up this fundraiser.
“I plan to set off at midnight on Friday October 6, and hope to finish at 5 pm on Saturday.

“I have previously Climbed Kilimanjaro in February 2023 and raised over €6000 for the Dean Maxwell Nursing Home in Roscrea,” she said.

“My whole life I have felt the need to help others and now it’s time to help Noah and I need the support to help him.

“This challenge is not going to be easy but I am going to give it my all.

“I have experienced hikers coming along on the day.’

Her plan is to leave Cronin’s Yard at midnight and to return to the starting point at 4.30 am. She will restart at 5 am from the bottom of the Devil’s Ladder. By 10 am on Saturday she hopes to have started her third and final lap.

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