$5milllion insurance policy document for the Titanic
Date published: 07th October 2013
The trials were due to take place in March but were delayed, possibly because she was not insured. The document states: ‘This policy is subject to total loss or constructive total loss of the vessel.’
The Titanic’s parent company, the Oceanic Steam Navigation Company, received the full insurance payout within 30 days of the disaster in the Atlantic Ocean that saw 1,512 lives lost.
According to the Atlantic Mutual Insurance Company policy, the firm had to pay an excess of $500,000 ($310,000).
The policy was arranged through brokers Willis Faber which assembled a consortium of insurers that each took a share of the risk.
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