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Original Titanic Insurance Document Resurfaces, Could Fetch $67,000 at Auction
Sentiment: NeutralHigh Priority
What Happened?
An original insurance document for the Titanic, linked to a $5 million total-loss cover, is set to be auctioned in Britain with an estimated value of $67,000. The document highlights the swift payout to the ship's owners following the disaster.
Key points
- The insurance document is linked to a $5 million total-loss cover arranged just weeks before the Titanic sank.
- It is estimated to fetch between £30,000 and £50,000 at auction, approximately $40,000 to $67,000.
- Titanic's owners received the full insurance payout within 30 days of the sinking.
- Families of victims had to wait four years for compensation, totaling $663,000.
- The document was signed on March 27, 1912, with coverage effective from March 30, 1912.
- The auction is scheduled for November 21 in Devizes, England.
Key insights
- The swift insurance payout reflects the prioritization of financial interests over human loss in maritime disasters.
- The document's rarity and connection to the Titanic may attract significant interest from collectors and historians.
- The contrasting timelines of payouts for owners and victims' families could prompt discussions on maritime insurance ethics.
Why it matters
The auction of this document highlights the historical significance of the Titanic disaster and the contrasting experiences of the ship's owners and the victims' families.
Tags
Entities
Titanic· EventAtlantic Mutual Insurance Company· CompanyOceanic Steam Navigation Company· CompanyWhite Star Line· CompanyLloyd's· OrganizationDevizes· City
Source
Times of India
