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Was the Titanic insured?

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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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Retiring Garda Sergeant began career in Killarney

Antoinette Cunningham who retired last week from An Garda Síochána and the Association of Garda Sergeant’s and Inspector’s as their General Secretary started her career 33 years ago in Killarney. […]

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Antoinette Cunningham who retired last week from An Garda Síochána and the Association of Garda Sergeant’s and Inspector’s as their General Secretary started her career 33 years ago in Killarney.

Sergeant In charge at Killarney Garda Station Dermot O’Connell paid tribute to her achievements and her unrelenting commitment to improving the policing environment.

As a former Chairman, Secretary and delegate of the Kerry Branch, Sergeant Dermot O’Connell worked closely with Antoinette in AGSI for many years.

“Her support for members of the Association was second to none. Antoinette always pursued what was right and just. Her ability, knowledge and professionalism was acknowledged both internally and externally by other representative bodies and also professional bodies,” he said.

“When Antoinette arrived here at her first station, the late Jack McGrath was the Sergeant In Charge.”
“As many know Sergeant Jack McGrath frequently walked the beat. During this time Jack shared much of his experience with Antoinette who proved her ability as a competent Garda to Sergeant Jack McGrath. “
“Jack was very impressed by her ability even at that early stage, he always spoke highly of Antoinette and followed her career path with great interest.”

Antoinette subsequently transferred to Limerick (Roxboro Road and Mayorstone Garda Stations). As a Sergeant she moved to the Garda College and completed a Master’s Degree in Adult Learning and a BA in Training and Education.
In 2021 Antoinette was honoured by University Galway with an Alumni Award for her significant contribution in the field of policing.

She became the first female member to serve with the Association of Sergeants and Inspectors at Branch level, National Executive level, President, Deputy General Secretary and finally General Secretary.

“On behalf of the Kerry Branch of AGSI I wish Antoinette the very best in whatever the future holds for her and her family,” added Sergeant O’Connell.

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‘The Bumblebee1000’ Supercar event arriving in Killarney on Saturday

The ‘Bumblebee1000’ supercar run will arrive in Killarney around 5pm on Saturday. Around 40 supercars will leave Barberstown Castle in County Kildare on Saturday morning.After stops at Portlaoise Plaza (11am) […]

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The ‘Bumblebee1000’ supercar run will arrive in Killarney around 5pm on Saturday.

Around 40 supercars will leave Barberstown Castle in County Kildare on Saturday morning.
After stops at Portlaoise Plaza (11am) and Cashel Palace Hotel (1pm) the convoy will arrive the Europe Hotel and Resort at 5pm.
“’The Bumblebee1000’ is not just about horsepower and adrenaline rushes; it’s about making a difference. As participants roar through the countryside, they’ll also be driving towards a noble cause. This event is dedicated to raising awareness and funds for The Little Blues Heroes charity, supporting the children of the Little Blue Heroes, and making a positive impact on their lives,” said an event spokesperson.
“The Bumblebee1000” is not just a journey; it’s an experience that blends luxury, adventure, and philanthropy in a seamless fusion. Whether behind the wheel of a sleek supercar or a supporter cheering from the sidelines, everyone is invited to be part of this remarkable event.
The cars will depart the Europe Hotel and Resort at 10am on Sunday and will stop off at a charity cars and coffee event in Tarbert at 11am before finishing in Adare at around 2pm.

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