Some of the most famous objects lost at sea included a hand-bound book of poetry inlaid with 1, precious gemstones, which took two years to make.
Third class passengers made claims for the loss of clothing, luggage, and valuable documents they needed to conduct business or start a new life in America. Filing claims after the disaster was an emotional but relatively streamlined process. Only two weeks after the incident, on April 28, , the New York Times reported insurance had covered almost all claims. Compare this with the Costa Concordia disaster nearly one hundred years later in when a cruise ship struck an underwater rock and capsized off the coast of Italy.
Although most of the Concordia passengers were rescued, insurance professionals were still estimating the total losses weeks after the disaster. The Titanic disaster was a perfect storm of unfortunate circumstances that culminated in tragedy. One that leaves us fascinated even now. Despite many people believing the ship was infallible, the disaster illustrates that even a state- of- the -art ship can meet with unexpected catastrophe. Fortunately as a result of the incident, maritime regulations and shipbuilding practices became stricter.
Round the clock wireless operation went into effect on all ships and GPS and tracking systems became more sophisticated. The legendary Titanic remains a reminder that bad things can happen to good ships and good cargo. Take steps to mitigate your risk. Insurance is underwritten by an authorized insurance company and issued through licensed insurance producers affiliated with UPS Capital Insurance Agency, Inc. The insurance is governed by the terms, conditions, limitations and exclusions set forth in the applicable insurance policy and no warranty, guarantee, or representation, either express or implied, is made as to the correctness or sufficiency of any information contained herein.
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On 14 April, , the spectacular Titanic — at the time, the most luxurious ocean liner ever built — collided with an iceberg during her maiden voyage. She went down in the freezing waters of the North Atlantic, miles from Newfoundland, in just two hours and 40 minutes.
She carried 2, passengers and crew, but had lifeboats for only 1, people; slightly more than half. At the time of the disaster, the market — and the media — was still in the early stages of using wireless telegraphy to communicate with ships at sea. Other signal stations issued conflicting reports, resulting in great confusion. Titanic—thought to be unsinkable—struck an iceberg on the night of April 14, , and sank to the bottom of the Atlantic Ocean on April 15, — years ago.
But, have you heard the insurance-fraud conspiracy theory related to the sinking that some people have been known to believe? While the Titanic was still dry-docked and under construction, its sister ship—the Olympic—was sailing from Southampton, England, to New York City in September During this voyage, the Olympic became damaged on the rear, starboard side.
According to the unlikely conspiracy, since the damage to Olympic was extensive and expensive to repair, the owner of both ships—the White Star Line—swapped the two vessels, so Olympic masqueraded as Titanic during its maiden voyage in Nobody was supposed to die as result of the sinking—it was supposed to sink slowly enough that everyone could evacuate in time.
The actual Titanic, is said to have sailed under the Olympic name until when it was retired. The first hole in this conspiracy is the plan for everyone to evacuate the ship.
There was a total of 20 lifeboats aboard the Titanic—designed to accommodate about 1, passengers.
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