Insurance news made as original Titanic policy sells for $25,000

RMS Titanic insurance news

A ledger page from the record breaking ship that met its tragic end in the frigid Northern Atlantic has sold.

RMS Titanic insurance newsThe ship may have disappeared under the freezing waters more than a century ago, but it continues to make headlines in insurance news as an original ledger page for one of its policies has now sold at auction in New York for $25,000.

The policy, itself, was issued by the Atlantic Mutual Insurance Company and was number 391550.

It is certain that the people who wrote the policy on behalf of Oceanic Steam Navigation Company Limited – best recognized today as the White Star Line – could never have known that their efforts would still be making insurance news at such a distant point in the future. However, the auction at Doyle New York on April 23, 2014 proved that the ill fated ship continues to remain an important moment in our history, and the artifacts involved in its story maintain a tremendous value.

According to the auction firm, the buyer making this historic insurance news has chosen to remain anonymous.

The Atlantic Mutual Insurance Company’s ledger page indicated that the Titanic steam ship was “on risk” with that insurer, starting on March 30, 1912. That coverage was to extend until March 30, 1913. As we all know, it was not a month into that protection that the ship struck an iceberg – on April 15 – and reached its catastrophic end, taking more than one thousand and five hundred lives along with it.

Atlantic Mutual was not the only insurer that was helping to cover the risk associated with the Titanic. The remainder was split among an insurance company syndicate which was led by the London based Prudential Insurance Company.

On the page that was just sold in New York, there was an addendum written by hand that pointed out that the policy was “to include the trip from Belfast to Southampton sailing on or after March 30th 1912…and the risk of trials on said trip, if any.” The insurance news making document holds a signature, as well as the date of March 27, 1912.

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