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MapHenry Aldridge & Son Auctions Titanic $5 Million Insurance Document in England
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Original Titanic $5 million total-loss insurance policy to be auctioned in Devizes, England. Policy signed weeks before Titanic's 1912 maiden voyage; covered by 77 insurers.
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Auction for $5m policy
Henry Aldridge and Son is preparing to auction a Titanic insurance document that covers the ship’s total loss at a value of $5 million, more than 114 years after the liner sank in the Atlantic Ocean. Andrew Aldridge, managing director of Henry Aldridge & Son, said the document is the only known remaining copy of the ship’s insurance documents and that the auction house has not found another similar copy.
The document dates to two weeks before the Titanic’s maiden voyage, and it includes coverage for the “total loss” of the ship or what is described as a constructive total loss. The auction is scheduled in England during November, and the auction house estimates the document’s value at between $40,000 and $67,000.
Signed with 77 insurers
The policy was issued with the participation of 77 insurers, with Atlantic Mutual among the participants contributing $100,000 to the insurance. The Times of India said the document was signed on March 27, 1912, with coverage taking effect on March 30 at 7 pm and continuing until March 30, 1913.
The document’s timing places it just weeks before the Titanic departed Southampton on April 10, 1912, for its maiden voyage to New York. The Times of India also said the ship struck an iceberg on the night of April 14 and sank in the early hours of April 15, killing approximately 1,500 people.
Fast payout, slow families
After the Titanic sank on April 15, 1912, the ship’s owners received the full insured amount, $5 million, within 30 days, according to the auction house. The Times of India said the insurance settlement was completed far more quickly than many might expect, and it added that Lloyd’s historical records describe insurers paying the claims in full within 30 days.
Andrew Aldridge said families of the disaster’s victims waited four years to obtain compensations totaling $663,000 after lawsuits related to negligence. IndulgExpress said the owners of Titanic received the payout within a month of the disaster, while it described the families who sued for negligence as having to wait four years for compensation totaling 663,000 dollars.