The RMS Titanic sank in the Atlantic Ocean in 1912. More than 114 years after the tragedy, a rare piece of its history has come to light. According to People Magazinethe original insurance policy document covering the ship’s $5 million “total loss” has resurfaced. According to the report, the document will go up for auction in Devizes, England, on Saturday, November 21.
The document was signed in late March 1912, just two weeks before the liner set sail on its maiden voyage on April 10, 1912. Auctioneers highlighted the eerie coincidence regarding the specific inclusion of a “total loss” clause.
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“This is the one and only document that exists today relating to the insurance for Titanic,” Andrew Aldridge, the managing director of Henry Aldridge and Son, told the media outlet in a statement.
“To our knowledge, it is without equal, as we have been unable to locate any other such documents. It is an unremarkable piece of A4 paper but it holds the key to $5m,” the auctioneer, a leading UK auction house for Titanic memorabilia, continued.
“Looking back, the words ‘total loss’ seem slightly prophetic given just how soon after the policy was taken out that the ship was lost,” Aldridge added.
What makes this insurance document interesting is that the company behind the policy was liquidated years ago.
Photo Credit: HenryAldridge&Son (henryaldridge.com)
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Remembering the Aftermath
Before embarking on the journey, the luxury passenger liner was often claimed to be unsinkable. But it is now remembered for the human toll of the disaster, taking the lives of more than 1,500 passengers and crew.
The outlet also noted that the document highlights that the ship’s owners received their compensation remarkably fast, even before many victim investigations were completed.
“It is quite extraordinary that the owners of Titanic received the pay out within a month of the disaster, barely after the funerals of the victims had taken place,” Aldridge said. “Today that process would take months if not years.”
“While the Titanic’s owners were swiftly recompensed, the families of victims who sued for negligence had to wait four years for compensation and even that totalled 663,000 dollars,” he said.
“If the disaster happened today, the owners would very likely be charged with criminal manslaughter and have to pay out millions and millions of pounds in compensation.”
Experts estimate that the document could fetch up to $67,000 when it goes under the hammer. Alongside the insurance certificate, the auction will also showcase other rare memorabilia, including original shipbuilding plans for the famous vessel.
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