RMS Titanic Insurance Claims

It is exactly 100 years since the pride of the White Star Line, the RMS Titanic, hit an iceberg in the Atlantic Ocean and sank with the loss of over 1500 lives.

The centenary has prompted many insurance companies on both sides of the Atlantic to publish documents relating to the greatest maritime loss to date in relative costs, mostly showing their company’s involvement with claims payouts.

When the Titanic sank on the 15th of April 1912, the Lutine Bell was rung at Lloyd’s of London, and a very rapid claims process was begun.

A few months earlier the ships owners, the White Star Line, had instructed insurance brokers Willis Faber and Co. to find cover for the hull, cargo, contents and personal effects of the ship. Willis Faber passed the ‘slip’ to their Lloyd’s mercantile division where it was assessed and subsequently underwritten by multiple syndicates and insurance underwriters acting on behalf of members.

The Titanic’s hull was insured for total loss for $5 million or just over one million pounds sterling at the exchange rate of the time. The policy also included total loss cover for cargo at $600,000 and contents at $400,000 a value equivalent to two hundred thousand pounds.

The original broking slip passed around Lloyd’s has been lost, but was photographed and can be seen in Wright and Fayles book of 1928 called ‘A history of Lloyd’s’. It shows that seven large insurance companies took nearly forty percent of the risk between them and the other sixty percent was underwritten by over seventy individuals and Lloyd’s ‘Names’.

According to documents recently released by Willis the marine insurance policy cost White Star £7500 or $38,000 to insure the Titanic at a rate of 15 shillings per hundred. Modern day rates for cruise liners are considerably lower.

The Ship was considerably underinsured for a value of only five-eighths of its replacement cost. This was apparently because the owners thought the hull to be unsinkable and were prepared to bear the additional $3 million dollars of risk themselves.

Willis state that despite the owners belief in the vessel being unsinkable, they had trouble placing all the hull cover at Lloyd’s and some forty thousand pounds was underwritten in Germany. There was also an extremely high excess or deductible of 15% of the insured value.

Four days after the Titanic sank the US senate held a preliminary investigation at the Waldorf Hotel in New York. The surviving officers of the ship presented their evidence to the panel describing the events of the sinking and signed what is called a ‘protest’ which enable insurance claims to be paid.

Incredibly White Star were reimbursed for the loss of the hull within seven days of the sinking, presumably minus the excess, and fully paid up on cargo and contents losses within thirty days.

They were however grossly underinsured for their liability to others given the value of the people on board. Claims against the company exceeded their cover by over $1 million and whether they had private P and I accident cover for their staff liability, remains a mystery. Suffice to say that payouts to families of lost members of the crew, were paltry.

Claims for the loss of people amounted to in excess of five times what the value of the ship was worth, for those lucky ones who happened to have had life insurance policies or had taken out travellers personal accident cover. Although no disputes about loss of life occurred, families had to wait a lot longer than White Star for compensation.

The final payout for human losses has never been fully asserted as over one hundred and fifty different life of accident insurance companies were involved in cover, on both sides of the Atlantic. American companies took the bulk of the claims, due to the many rich entrepreneurs and millionaire family members who were drowned.

The total loss is estimated to be in the region of $20 million and one of the largest payouts was by the Travelers Insurance company of Hartford who paid out a life policy for over $1 million.

The sinking of the Titanic also brought about the first and only insurance claim for a car being hit by an iceberg, by a Mr William Carter who claimed five thousand dollars for his 25 horse power Renault, lost at sea.

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Frequently Asked Questions About Becoming a Private Investigator

How do I become a private investigator?

That's a complicated question with several parts that greatly depend upon in which state you plan on working. You have two options; You either work for a licensed private investigations agency or you go to work for yourself and obtain your own PI company license. Either way, you there are two considerations you must address at some point:

The first consideration is licensing; All but only a competent of states require a state-issued license to be a private investigator. Each state has different background, education and experience requirements that may vary from simply attending a state-approved training course to pre-licensing education, exams, years of work experience and obtaining a sizable professional liability insurance policy with "errors and omissions" coverage. To make matters just a little more confusing, there are some cities that require private investigators to either register or obtain a municipal license in states that do not otherwise require them.

The second consideration is training. Private investigation specific training is the most important investment you can make in yourself! Since most new PIs do not have the ability or are not ready to start up their own investigations company you will most likely be looking for employment with an established agency. As an owner of an established and well respected detective agency I get resumes all of the time; The first thing I look for before considering a candidate is to ask the question, "How has this person invested in themselves before asking me to invest in them?"

What if I Do not have the minimum experience required by the state to obtain my own company license? How will I ever break into the industry?

If your goal is to personally own your investigations agency, no problem … every state that requires experience also has a program in place to see that new investigators have access to eventually obtaining their own license. For example, in Texas where we hold an agency license those who are too new simply go to work for an established company until they have the required number of hours to be able apply for their own license. In Florida (where we also have an agency license) they specifically provide internship licenses. Again, every state is a little bit different but thousands of successful private investigators are working today and tens of thousands have come before us; We all had to get started someplace … you can too.

Also, consider your own background and employment related experience carefully some of it may apply. I have known loss prevention agents, security guards (in particular roles), accountants, firemen, bail bondsmen, alarm installers, teachers, and even a librarian use their previous employment experiences to apply for their own agency license.

What type of training should I be looking into?

Any amount of training is great though most PI companies do not place a whole lot of credibility with the courses from PCDI, Harcourt, and Thompson Direct. You could honestly do much better and at less cost.

Instead, look for academies or training programs that have been created by private investigators. Who knows better about what a new or an aspirating private detective needs to know than an investigator who has been in the field for a reasonable amount of time?

Also … look to see that the sponsoring company is active in the industry as well. Are they still providing regular private investigative services to a robust clientele? It's sad, but many PIs who wash out over a very short period of time in the business look to teaching. In reality, you will learn very little from those who could not make it themselves; Success breeds success!

Lastly, I have a little secret I would like to share with you …

Look over the education provider's entire website and see if you find boastful claims or where the company is bashing other educators. This is a very tight-knit industry and you will find that students who complete training programs from educators that spend time "bad mouthing the competition" have a terrible time getting a break simply because of the animosity created through their educator's use of negative advertising. I know that seems irrefutable but it is a reality in this business. This does not mean, however, that you should dismiss the negative press but the first thing an excellent private investigator learns is how to evaluate a claim, identify the source and make a judgment based on additional facts and research. Some statements will have merit while others will not; It's up to you to make that decision.

What is the difference between a private investigator and a private detective?

Nothing. The terms are used interchangeably but some states choose to use the term "detective" while most use the term "investigator."

I really just want to help my friends and family to find old friends or people who owe them money. Do I need a PI license?

That's a great question. Generally speaking, in those states where it is a requirement you will need to obtain a license if you hold yourself out for hire or accept payment from another person or business and participate in or provide the following services:

O Surveillance

O Obtaining or furnished information related to a crime or the identity, habits, business, occupation, knowledge, movement, location, affiliations, associations, transactions, acts, reputation, or character of a person, group or company.

O Securing evidence for use before a court, board, officer, or committee

O Locating or recovering lost or stolen property and unclaimed funds.

O Determining the cause or responsibility for a fire, libel, loss, accident, damage, or injury to a person or to property.

Some states may specifically include such things as service of process, bail enforcement, personal protection and genealogical research under those activities that require a private investigator's license as well.

Do I have to have a degree in Criminal Justice from a college or university?

No, though some states may accept a degree in Criminal Justice, Administration of Justice or Police Sciences in lieu of the minimum experience requirements. One recent study conducted on behalf of the Virginia Department of Justice concluded that almost 57% of all private investigators do not have a college education.

If I do not have a college education do I have to have a background as a police officer or other law enforcement related profession?

No. Most private investigators do not have a law enforcement background before entering into this industry. It is true that many private investigators may have once had a career in criminal justice but the bottom-line is that private investigation and law enforcement is very different and my experience has been that very few who make the transition from law enforcement are prepared for this Type of work, either technically or creatively, on their own. Most of them recognize this and seek industry specific training as well.

What type of person makes a successful private investigator?

This business requires a rare blend of logic and creativity; It's rare because logical people tend to not be very creative and vice-versa.

I would say that any successful detective must first have the ability to communicate. This means that he or she must have the ability to connect with people of all walks of life, regardless of economic status, ethnicity or education. It also means that the investigator must have the ability to clearly present a simple fact or a complex inquiry in writing. The end result of an investigation is the investigative report, which is given to the client upon conclusion of the assignment; This is especially our work product. If you can not write reasonably well, your reputation will certainly suffer as a result.

Secondly, great investigators have a burning desire to answer any question that is put to them only after a careful and determined effort to identify the facts and circumstances that contribute to a complete and unbiased explanation. We are in the business to provide facts, not opinions; We let our clients draw their own conclusions from our report. Oftentimes in order to get to those facts, we must be relentless in our pursuit of information. This is where logic meets creativity. Dead-ends often only require a different approach!

Lastly, I believe that every investigator should possess a varied set of experiences and knowledge. One characterization of the private detective industry I can make is that by and large we represent a vastness of experience, skills, and trades. One of the most accomplished investigators I have ever metlisted "Mom" on her resume. When she decided to become a private investigator she had no appreciable skills that she could put in her resume but through her own experiences she had developed an intuition that was almost never wrong and she could simplify complex problems into there most basic parts. I have personally hired a plumber, building contractor, car salesman, and a host of other seemingly unrelated career types into my own company, CompassPoint Investigations, because they had certain intangibles that made them great in this business!

The bottom line is that anyone can train to become a wild successful private investigator, just like one can train to become a barber or an attorney, but an aspiring detective has to bring some things to the table that can not be easily taught: creativity, logic , The ability to communicate and an insatiable curiosity!

I have a criminal conviction in my background from many years ago. Will this affect my ability to become a private eye?

Every state that requires a license to be a PI also requires a background investigation as a part of the licensing process. I believe that a felony conviction will be an automatic disqualification in almost every instance (although I know a felon who has a PI license issued by the city of Columbus, MO.), While misdemeanors may be considered depending upon the crime, its seriousness and The amount of time that has passed since the conviction; Again this will vary by state.

Will my military discharge affect my ability to become a private investigator?

In some cases a discharge that is anything but honorable may prevent you from becoming a PI. Just as in the answer to the criminal conviction history above, some states require PI applicants be free from negative military discharge classifications- Bad Conduct Discharge, Less than Honorable or Other Than Honorable service characterizations are grounds for denial of a PI license in several states and Jurisdictions.

Perhaps the Florida Division of Licensing put it best: "Private investigators and private investigative agencies serve in positions of trust. Untrained and unlicensed persons or businesses, or persons not of good moral character, are a threat to the public safety and welfare. Investigative industry is regulated to ensure the interests of the public are adequately served and protected. "

Can I just specialize in a particular type of investigation or will I have to do the surveillances and cheating spouse investigations too?

I absolutely recommend that investigators find their niche and specialize in only a few types of investigations! There are several important reasons for this, which I discuss in my training programs, but it can be summed up this way: when you are the most notable investigator in your region of the country for a specific type of investigation, you will find additional additional Opportunities to make a lot more money than if you advertise yourself as a "jack of all trades." This has been proven across the country time and time again and is a major topic of discussion in our coming private investigation marketing manual.

What types of assignments do private investigators typically take?

Wow, the options are endless and the subject really describes its own entity section! I have listed the most obvious types of private investigator assignments in an article you can find by going to my Articles Page. I will eventually briefly describe each type of investigation in the next couple of weeks. Continue to check in as we are constantly making additions.

What type of investigation or specialty assignment pays the most?

I do not know that anyone can answer that question definitively, but I will say that surveillance is typically the most lucrative type of assignment a private investigator can get because it is solid, billable, blocks of time. I am aware that there are particular types of investigations where investigators are making anywhere between $ 300 and $ 500 an hour for activities like forensic computer evaluation, security consulting, automobile repossession, and a few others specialties. I personally have made $ 10,000 in an hour on several occasions in 14 years doing bail fugitive recovery work, those types of paydays are few and far between. Overall I average almost $ 150 an hour while engaged in bail enforcement, not too bad by most people's standards, though many investigators just do not have the stomach for that type of work. It can be extremely dangerous, it is a very competitive field and you get paid only if you can complete the case.

Is private investigation dangerous work?

Obviously, there are some PI jobs that are more dangerous than others like contractual repossession or bounty hunting but, generally speaking, private investigation is not a dangerous job. We all have heard the stories of PIs getting spoken while on surveillance by an irate cheating husband or being chased out of a yard at the business end of a shotgun while serving a subpoena. Most episodes of Magnum PI had Tom Selleck dodging bullets, too. Certainly, scary things can and do happen on rare occasions but like all war stories, the ones that seem to get a lot of attention play out more like fiction than reality. Safety is always at the forefront of every trained investigator's mind.

How To Choose The Best Digital Marketing Agency For Your Business?

Often do we read news of fraud, scam and reports of some digital marketing agencies that add no value to their clients’ businesses. In a world where companies spend millions of dollars every year on digital marketing campaigns, the need to distinct good agencies from bad cannot be stressed enough.

Combining various internet marketing tactics with other forms of media and strategies, digital marketing has become one of the most effective methods of lead-generation, branding and procuring bigger customer-base. Broadly speaking, it can be subdivided into internet marketing, mobile marketing and offline marketing.

The importance of having a digital marketing agency for any type of business is obvious. It is the nature of any firm to focus its whole attention to the industry that it is in and subsequently to the primary objectives that form the company. This necessitates delegating other works like digital marketing to external agencies.

For example, a company that manufactures clothes will devote most of its workforce to manufacturing and selling clothes alone. The business of that company is clothes, not marketing or advertising; and even if it does its own marketing campaigns, there’s a better chance that a marketing agency, whose sole business is creating marketing campaigns, is going to do the job far better than the company’s marketing department.

And in a world where most consumers are now equipped with mobile phones, TV, internet and other electronic media, the need to digitize one’s marketing campaigns need not be mentioned. Because there’s a simple truth above all else: digital marketing works. It is cheaper than traditional strategies and visibly more effective.

So how does one find the right digital marketing agency to work with?

Choosing the right agency can be a daunting task especially because there are new companies springing up almost everyday. And because the variety of services offered by these companies is not the same. Let’s take a look at the various elements that will help you choose the best digital agency for your business:

Services Offered

The first thing you should always consider when looking for digital marketing agencies to work with is the nature and variety of services they offer. A good agency should offer as many services as possible under one roof. This will save you the trouble of finding another company for a specific service as you can easily delegate all your digital marketing needs to that company.

A full serviced agency typically offers:

- Web design and development

- Search engine optimization and marketing

- Mobile marketing

- Email marketing

- Social media marketing

- Online advertisement

- Online reputation management

Portfolio And Testimonials

A good digital marketing agency will always have a portfolio that consists of clients with visible levels of success. You can easily access this portfolio from their website. A portfolio page that lists a good number of clientele is more trustworthy than one that displays only a few.

Testimonials are another criterion to help in choosing a digital agency for your business. Good agencies will have feedback and testimonials from previous customers. The more testimonials, the better.

Online Presence And Reputation

It’s only natural for a company that deals in digital marketing to have a visible online presence. Does it have a Facebook page and if so, how many Likes does it have on the page? What is its Twitter following like? Social media presence and activity is a good measure of a company’s repute.

A quick Google search using the company’s name as the search term will reveal a great deal of information about the company, including reviews and feedback on review sites, if any. A search query that returns very little result may not be the best company to have your marketing work delegated to.

Support

Any good company should have excellent support. Try contacting the digital marketing agency that you’re currently researching on from their website or via their Live chat application, if they have one. How long does it take for them to respond? Call them up and talk to them. Find out how knowledgeable their support team is. This is a company that you’re going to give a lot of money to, it’s important to know before-hand if they are worth investing in and that if you ever run into problems, they are there for you.

Lingerie Shopping for Men

Lingerie shopping for men may sound really strange, although you would be surprised to know that lingerie shopping has really become a common practice for men.

Men love to shop for exquisite and sexy lingerie for their beloved. Now, this can be a really tedious task as shopping for something as intimate and complicated as lingerie is not an easy job.

Every woman is different and have different tastes. Here, it is difficult to figure out what kind of lingerie would please your loved one, as a gift. You may like her to wear something as hot as thongs but she may prefer something elegant and lacy. Here, it is extremely necessary to keep in mind what she likes and dislikes.

Buying sexy lingerie for your sweetheart can make her swoon with delight. This would be extremely romantic. Now, this does not mean that sexy lingerie is just a gift for your lover. It would be a gift for you as well. Giving lingerie to your lover would show that you really love her and care for her deeply.

Now, here are some important things you need to consider prior to purchasing lingerie for your loved one. First of all, you need to do some research on the type of lingerie available in the market and also keep in mind the person who is going to wear it. Think of the style that she usually prefers wearing and then decide on a specific style.

In case, you want to experiment on your purchase, you can consider purchasing something lacy with a stretchy mesh. This would make her love wear it.

Remember that women's sizes vary by manufacturer and material. Stretchy materials and meshes tend to fit every woman, with a slight guess.

In case you want to find out what she actually likes, you can try paying attention to her comments when watching movies or commercials. If she does point out a certain style or look, it is quite straightforward to find something similar. But make sure it is similar, try not to get carried away and chose whatever the cutest model is wearing ….

Quality need not cost the earth, as there are lots of great designs at affordable prices. You should really consider purchasing lingerie online. This would offer you privacy and also ensure you are not rushed into a buying decision. You can compare lots of different styles online, and above all, just take your time over it.