Insurance Coverage for the Titanic Disaster
The Titanic was insured for less than her construction cost. Despite significant loss of life, the disaster was financially covered by insurance. Over 70 insurers participated. Officers did not pay attention to ice reports. This may have avoided the sinking. Cargo policies covered most property claims totaling $9.42 million. Titanic was insured for $5 million although cost $7.5 million to build. Allianz participated. After sinking, White Star Line paid nothing until agreeing in 1915 to pay $664,000 compensation to survivors.
Compensation for Titanic Survivors
Despite hundreds of claims seeking over $16 million, negotiations led to a $664,000 settlement in 1916. Survivors got cash and supplies worth $6 million from charities like the American Red Cross. Families of the dead got a minimum of $2,500, while survivors received a minimum of $400.
Titanic Ticket Prices
First-class Titanic tickets ranged from $150 to $4,350, second-class were $60, and third-class paid between $15 and $40.
Notable Survivors and Incidents
- John Jacob Astor was the wealthiest passenger.
- Violet Jessop survived the Titanic and Britannic.
- Millvina was the last survivor, passing in 2009 aged 97.
- The Californian was closest but provided no assistance.
- John Priest survived four sunk ships including Titanic and Britannic.