SO great was the interest in the tragedy and so profound
the grief at the tremendous loss of life that for a time
the financial loss was not considered. It was, however,
the biggest ever suffered by marine insurance brokers.
The value of the policy covering the vessel against all
ordinary risks was $5,000,000, but the whole of this amount
was not insured, because British and Continental markets
were not big enough to swallow it. The actual amount of
insurance was $3,700,000, of which the owners themselves
held $750,000.
As to the cargo, it was insured by the shippers. The
company has nothing to do with the insurance of the cargo,
which, according to the company's manifest, was conservatively
estimated at about $420,000. Cargo, however, was a
secondary matter, so far as the Titanic was concerned. The
ship was built for high-priced passengers, and what little
cargo she carried was also of the kind that demanded quick
transportation. The Titanic's freight was for the most part
what is known as high-class package freight, consisting of
such articles as fine laces, ostrich feathers, wines, liquors
and fancy food commodities.
