I don't know much about the compensation formula at all unfortunately. It's not something that's really caught my interest. Regarding the safety of passenger ships, this is a very good question. I'm sure Erik Wood will have more to offer on this, but from what I've gleaned to date, in some fashions, modern ships are somewhat inferior to the
Olympic class liners in regards watertight subdivision and also margins for growth. The Olympics could remain afloat with up to four sections flooded, while current vessels are designed to stay afloat with two flooded.
Having said that much, modern navigation aides and instruments stack the deck much more in favour of ships today then yesterday, and modern ships are required to carry lifeboats for all.
Befor anyone get's
too comfy with lifeboats for all, remember that just having enough or even extra in no way assures that they'll be all be usable. Look at the
Andrea Doria which took on a 22 degree list withing a few minutes of being T-boned by the Stockholm, rendering half of her lifeboats useless. Were it not for a hoard of rescue vessels showing up contributing their own boats to the evacuation of the ship, the story would have had a far grimmer ending.
Cordially,
Michael H. Standart