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CHAPTER XXIII
THE FINANCIAL LOSS
TITANIC NOT FULLY INSURED—VALUABLE CARGO AND MAIL
—NO CHANCE FOR SALVAGE—LIFE INSURANCE LOSS—LOSS
TO THE CARPATHIA
Sinking of the Titanic and Great Sea Disasters |  |
LOST MAIL MAY COST MILLIONS
Prior to the sailing of the vessel the postal authorities of Southampton cabled the New York authorities that 3435 bags of mail matter were on board.
"In a load of 3500 bags," said Postmaster Morgan, of New York, "it is a safe estimate to say that 200 contained registered mail. The size of registered mail packages varies greatly, but 1000 packages for each mail bag should be a conservative guess. That would mean that 200,000 registered packages and letters went down with the Titanic.
"This does not mean, however, that Great Britain will be held financially responsible for all these losses. There were probably thousands of registered packages from the Continent, and in such cases the countries of origin will have to reimburse the senders. Moreover, in the case of money being sent in great quantities, it is usual to insure the registry over and above the limit of responsibility set by the country of origin.
"Probably if there were any shipping of securities mounting up to thousands of dollars, it will be the insurance companies which will bear the loss, and not the European post-offices at all."
In the case of money orders, the postmaster explained,
The postmaster did not know the exact sum which the various European countries set as the limit of their guarantee in registered mail. In America it is $50.
Underwriters will probably have to meet heavy claims of passengers for luggage, including jewelry. Pearls of one American woman insured in London were valued at $240,000.
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CHAPTER XXIII
THE FINANCIAL LOSS
TITANIC NOT FULLY INSURED—VALUABLE CARGO AND MAIL
—NO CHANCE FOR SALVAGE—LIFE INSURANCE LOSS—LOSS
TO THE CARPATHIA
Sinking of the Titanic and Great Sea Disasters | |