It is exactly 100 years since the pride of the White Star Line, the RMS Titanic, hit an iceberg in the Atlantic Ocean and sank with the loss of over 1500 lives.
The centenary has prompted many insurance companies on both sides of the Atlantic to publish documents relating to the greatest maritime loss to date in relative costs, mostly showing their company’s involvement with claims payouts.
When the Titanic sank on the 15th of April 1912, the Lutine Bell was rung at Lloyd’s of London, and a very rapid claims process was begun.
A few months earlier the ships owners, the White Star Line, had instructed insurance brokers Willis Faber and Co. to find cover for the hull, cargo, contents and personal effects of the ship. Willis Faber passed the ‘slip’ to their Lloyd’s mercantile division where it was assessed and subsequently underwritten by multiple syndicates and insurance underwriters … Read More