The Titanic struck an iceberg and sank to the bottom of the Atlantic, taking the lives of most of its passengers and crew members on board.
The Unknown Fact
“ What many may not know, is the ship also took with it millions of dollars in mail, packages and cargo, valued at $ 9.5 million today. The ship was designed with the highest of technology at that time and there was no possibility of it sinking down but well it did.”
Uncertainties are always surrounded with sea travel and even today many companies are not confident that their cargo and supplies will arrive as planned without any unfortunate incident. The story of the Titanic is a fascinating tale of great expectations and risk—a tale of sorrowful lessons learned. The White Star Line insured the Titanic for the equivalent of $ 133 million in today’s currency. After the accident, cargo insurance policies covered almost all of the property claims totalling $ 9.42 million. Hence, insurance companies were able to step in and absorb the losses. The passengers voyaging on the Titanic claimed against the goods that they have left. The goods against which insurance was claimed included of precious metals of 1st class passengers and clothes and books of passengers travelling in 3rd class as well. Filing claims after the disaster was an emotional but relatively streamlined process. Only two weeks after the incident, on April 28, 1912, the New York Times reported insurance had covered almost all claims.
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.
Precaution is better then Cure
Therefore, it is always suggested that you insure your goods before you set them out on a voyage. To get your goods and cargo covered under marine insurance, book an appointment with us by writing at info@ckpinsurance.in or calling at +91 9920099273
Good luck!
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