Insurance


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leon clemmer

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Who were the benefactors of the insurance on the Ship? How much did the stockholders of White Star, IMM receive? Did J.P Morgan or P.A.B. Widener receive any money as a settlement?
 

Dave Gittins

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Mar 16, 2000
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Titanic was insured for £1,000,000. That was just under $5,000,000 a the time. This of course was paid to IMM, not to Morgan and the directors personally. The company's loss on the ship was about £500,000. The loss of Titanic did not break IMM and its share price changed very little but it probably contributed to its ultimate failure.

The loss was shared by many insurers, who generally took it as just part of doing business but they did increase premiums. Liners owned by the top lines had been considered very good risks and the premium on Titanic was only ¾%.
 
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