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The Titanic was insured for £1m, an enormous amount given that the total insured amount for all marine losses for 1912 came to £6.75m (including the Titanic. The owners of the Titanic, White Star, were paid their £1m insurance claim by Lloyd's in full within 30 days of the ship's sinking.
In 1911, the still-unfinished Titanic was insured. The British White Star Line desperately wanted to take the lead on the North Atlantic route with the three sister ships Olympic, Titanic, and Gigantic: their names said it all.
Back on 9 January, broker Willis Faber & Co had come to Lloyd's underwriting room to insure the Titanic and her sister ship, the Olympic, on behalf of the White Star Line.
Introduction. After the Titanic sank to the bottom of the Atlantic Ocean on April 15, 1912, hundreds of the survivors, families of victims, and owners of cargo filed claims against the White Star Line for loss of life, property, and for injuries sustained. Their claims totaled $16.4 million.
The most valuable single item onboard the Titanic was, however, a 1912 painting by Merry-Joseph Blondel, La Circassienne au bain. Based on the insurance claim made after the fact, the work was estimated to be $100,000, equivalent to just over $3 million dollars today.
If we take these statistics and assume all first-class passengers paid 30 pounds in berth fare, the total fare was 18,091 pounds or $90,455 in 1912. In today's money, it would equal 2.2 pounds or $2.75 million.
White Star paid nothing until December 1915, when they agreed to pay compensation of $664,000 to to be be divided amongst the survivors. Worked out at about $950 per person. Adjusted for inflation, that works out to be $22,000.
The Infamous Captain Edward Smith. doomed passenger ship the Titanic, which went down in April 1912. Captain Smith was responsible for over 2,200 passengers and crew, more than 1,200 were killed that fateful night of April 14. Titanic was built to the highest standards of the day and was deemed unsinkable.
Mr. Nargeolet, 77, is the director of underwater research for RMS Titanic, Inc., an American company that owns the salvage rights to the famous wreck and displays many of the artifacts at Titanic exhibitions. The company conducted eight research and recovery expeditions between 1987 and 2010, according to its website.
On 15 April 2012, the Titanic wreck, which lies in international waters, automatically became protected by UNESCO, under the 2001 Convention on the Protection of the Underwater Cultural Heritage, which protects cultural, historical, or archaeological objects that have been underwater for 100 years.
At the time, it was one of the largest and most opulent ships in the world. It was also considered unsinkable, due to a series of compartment doors that could be closed if the bow was breached. However, four days into its maiden voyage in 1912, the Titanic struck an iceberg, and less than three hours later it sank.
The UK and US governments have both passed legislation giving them the power to grant or deny licences authorising people entering the hull sections of the Titanic and removing artefacts found outside the hull. This strengthens the basic level of protection for the wreck, previously afforded it by UNESCO .
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A third class ticket cost around £7 in 1912 which is nearly £800 in today's money.
In early 1913, American claimants filed multiple lawsuits in the District Court for the Southern District of New York seeking compensation from the Oceanic Steam Navigation Company, the parent company of White Star Line.
On the night of 14 April, after Titanic had hit the iceberg, Isidor and Ida were directed to lifeboat eight. However, the ageing Isidor refused to board the lifeboat while there were younger men being prevented from boarding. Ida also refused to get into the lifeboat saying, 'Where you go, I go'.
Captain Smith having done all man could do for the safety of passengers and crew remained at his post on the sinking ship until the end. His last message to the crew was 'Be British.'"
It was her sister, Edna Kearney Murray who survived the sinking of the Titanic but it wasn't in an overloaded lifeboat. “My great aunt Edna was in England at the time and had purchased a ticket for return passage to America on the Titanic,” Chris said.
At least 31 crewmen claimed to having been in the water. In all, from 44 to 48 were actually saved from the water while about 79 passengers and crew have have been found who said they had been in contact with the water.
There are no survivors of the Titanic alive today
The very longest-living person to have survived the Titanic died on the 31st of May 2009. Her name was Elizabeth Gladys 'Millvina' Dean, and she was just two months old when she boarded the Titanic with her family.
The lookouts along with the officers on the bridge knew that a calm ocean would make icebergs hard to see with no breaking water at the base. It was also extremely cold that night with sea surface temperatures reportedly at 28 degrees -- a lethal temperature for any person.
According to James Cameron's Titanic site, first class tickets ranged enormously in price, from $150 (about $1700 today) for a simple berth, up to $4350 ($50,000) for one of the two Parlour suites.