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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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Killarney man to launch second Irish history book

By Sean Moriarty Killarney native Patrick O’Sullivan Greene will launch his second book in the Great Southern Killarney on December 2. O’Sullivan Greene explains Éamon de Valera’s mission to gain […]

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By Sean Moriarty

Killarney native Patrick O’Sullivan Greene will launch his second book in the Great Southern Killarney on December 2.

O’Sullivan Greene explains Éamon de Valera’s mission to gain recognition for the newly formed Irish republic in New York in 1919 in his latest book ‘Revolution at the Waldorf: America and the Irish War of Independence’.

Without American recognition and funding the young Irish Government was sure to fail against the might of the British Empire and the book tells the story of how de Valera and Ireland-based Michael Collins – much to the defiance of the British authorities at Dublin Castle – got the new State off the ground.

O’Sullivan grew up in New Street and is now based in Beaufort after a career in finance took him all over the world including Dublin, London, New York and France.

“Killarney is the natural place for me to launch the book,” he told the Killarney Advertiser.

“There will be an interesting mix of people there.”

O’Sullivan Greene published his first book, ‘Crowdfunding the Revolution: The First Dáil Loan and the Battle for Irish Independence’, in 2020.

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Caring group craft charity blankets

By Michelle Crean One community group have shown that they care deeply for others by crafting handmade blankets for charity. Using their range of skills and some colourful wool, members […]

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By Michelle Crean

One community group have shown that they care deeply for others by crafting handmade blankets for charity.

Using their range of skills and some colourful wool, members of Kilcummin Community Care worked together to make blankets for service users on the Kerry Cork Cancer Health Link Bus.

“Each blanket is assigned as a personal gift to the clients using the Cancer Link Bus and is kept by them,” Kate Fleming, Chairperson of Kilcummin Community Care, said.

The knitting of the squares to make the blankets began at a gathering in the Rose Hotel in 2018. It was a gathering of different volunteer groups.

The Kerry Cork Cancer Health Link Bus were requesting knitted squares to make blankets for the clients who were using their facilities, she explained.

“Kilcummin Community Care were knitting at the time, so it was decided to help out this worthy cause. We received donations of wool from people in the parish and surrounding areas. Kilcummin ICA also got involved in the efforts.”

During the two years of COVID-19, members of both organisations continued to knit and are still knitting to the present day.

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