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.
Leona named PRO of the year
By Sean Moriarty She is best known for promoting the county’s GAA news – and now Leona Twiss has been rewarded for her efforts. The Gaelic Games Writers’ Association named […]
By Sean Moriarty
She is best known for promoting the county’s GAA news – and now Leona Twiss has been rewarded for her efforts.
The Gaelic Games Writers’ Association named Leona as its Public Relations Officer of the Year at an awards ceremony at Iveagh Gardens in Dublin on Friday night last.
Leona has been the PRO for Kerry GAA for the last five years but will have to step down this year due to County Board rules.
“I was speechless, it was wonderful to get PRO of the Year but I am only as good as the team around me and this success is attributed to the hard work of the entire PR team at Kerry GAA,” she told the Killarney Advertiser.
As well as her busy schedule managing the media affairs for the Kerry County Board, Leona is also principal at Cullina National School in Beaufort.
Any victory for Ukraine is important!
By Natalya Krasnenkova On the eve of the final of the 2022 Eurovision Song Contest, President Zelensky said “Ukrainians need victory – big and small”. That is why Ukrainians who […]
By Natalya Krasnenkova
On the eve of the final of the 2022 Eurovision Song Contest, President Zelensky said “Ukrainians need victory – big and small”.
That is why Ukrainians who gathered around the world on Saturday night were waiting for Ukraine’s win in the song contest, just like the victory in the war.
The Ukrainians from the Innisfallen Hotel were waiting for that too and the overall winner, Ukrainian band Kalush Orchestra, caused a real emotional storm in the hall!
“After my country’s victory at Eurovision, I felt proud, cried, laughed and couldn’t believe it. I am also grateful to everyone who voted for us, because this victory shows how much most European countries support us,” Iryna Melnychuk said.
“Voting around the world for Ukraine gives us hope for support from the world community not only in the Eurovision Song Contest,” said Stepan Krasnenkov.
The Ukrainian band Kalush Orchestra received the highest number of points from the audience during the entire existence of the competition: 439 points from the audience, 192 points from the professional jury. In the end – 631 points, which brought Ukraine victory.
Also, thanks to the Kalush Orchestra, the whole world now knows about the humanitarian catastrophe in Mariupol and the Azovstal enterprises, where wounded Ukrainian soldiers and civilians are under blockade without food, water and medicine.
After their performance, Kalush Orchestra addressed the audience from around the world with a request to save the defenders of Mariupol, who are at the Azovstal plant.
“Please help Ukraine, Mariupol! Help Azovstal! Right now!” – the band called.
After these words, search queries for Azovstal and Mariupol took off on the Internet as people were looking for what they meant.
Irish Eurovision contestant Brooke also sang it and the whole world sings the song of the winners ‘Stefania’.
Leona named PRO of the year
By Sean Moriarty She is best known for promoting the county’s GAA news – and now Leona Twiss has been...
Any victory for Ukraine is important!
By Natalya Krasnenkova On the eve of the final of the 2022 Eurovision Song Contest, President Zelensky said “Ukrainians need...
Spillane brothers named as brand ambassadors
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Killarney Skatepark ready for tender process
By Sean Moriarty Killarney Skatepark took another step closer to reality this week as as contractors are being invited to...
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