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Insurance Losses

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Insurance Losses

Post by Karen on Tue 24 Apr 2012 - 21:54

INSURANCE OFFICES' HUGE LOSSES.
Over 2,000,000 Pounds Will Have to be Paid by Them.

WONDERFUL PEARLS.

Lloyd's, the great shipping insurance centre, has, by the loss of the Titanic, received one of the greatest blows in its history. The vessel cost 1,250,000 pounds to build, but only a claim in excess of 150,000 pounds is accepted by underwriters. The insurable value of the Titanic is regarded roughly as 1,000,000 pounds, but some members of Lloyd's are doubtful whether this large sum was covered by insurance, which would mean a larger loss to the White Star Company.
The risk is spread over British, Continental, and American markets, and many marine insurance companies will have severe loss to face. The actual losses on the vessel itself may be placed at slightly under 1,000,000 pounds, and the difference between this and the cost of the ship will have to be borne by the Oceanic Steam Navigation Company, owners of the White Star Line and the chief part of the International Mercantile Marine. The company holds huge reserves, and will be able to meet demands without abnormal strain, but it and the Shipping Trust, of course, lose the profit-earning capacity of the vessel.
It is impossible to gauge at present the value of the cargo carried, and the insurance effected by passengers on valuable property; but this loss will fall severely on the underwriters.
One insurance has caused a good deal of interest, that of 150,000 pounds on three pearl necklaces, the property of Mrs. Widener, whose father-in-law, Mr. P.A.B. Widener, recently bought Rembrandt's "Mill" from Lord Lansdowne. Her name appears among the list of the saved. It is interesting to note that the policy stipulated that these three necklaces should be worn by her on the voyage.
It is extremely probable, however, that a great proportion of such personal insurance of property will fall on American shoulders. The total is variously estimated at from 1,000,000 pounds to 1,500,000 pounds.

Source: Lloyd's Weekly News, April 21, 1912, Page 8

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Karen Trenouth
Author of: "Epiphany of the Whitechapel Murders"
Author of: "Jack the Ripper: The Satanic Team"
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