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.

Learn more about Seattle Auto Accident Lawyer 4injured at http://www.4injured.com

How to Pack for a Summer Vacation

It’s that time of the year again when the scorching heat becomes unbearable with each passing day. At such a time, all you want is an air-conditioned room and something cool to sip on. However, if you are going on a holiday, you will be spending a lot of time outside, exploring different places. If this is scaring you, considering the temperature is rising everyday, here are some tips that will help you stay protected from the heat.

Carry a Sunblock Lotion or Sunscreen

Going out in the sun without protecting your skin is a big no no, especially in summer. So, while you searching for the cheapest airline booking online and packing your clothes, also get a bottle or two of sunscreen or sunblock lotion. Sunscreen will not only prevent you from getting a sunburn but it will also protect your skin from the harmful UV rays. When you are buying the lotion, make sure you get one that has both UVA and UVB protection.

Pack Cotton and Lightweight Clothes

During the summer season, it’s advisable that you wear cotton clothes so that your skin can breathe. Wearing synthetic clothes may cause irritation and you might end up feeling hot and suffocated. So, when you are packing for your vacation, make sure you put in light clothes that will help your body stay calm. When it comes to shoes, carry open-toed ones or flip flops so that your feet can get as much air as possible.

Choose the Correct Accessories

Since you will be travelling during peak summer, carry a straw hat, a pair of sunglasses, and a scarf, just in case the heat becomes unbearable. These accessories will keep you protected from the heat when you are out, visiting different places. If you are going to be spending a lot of time on the beach, carry a beach bag and towels with you too. It’s also preferable that you carry a change of clothes so that you don’t have to stay in your sweat-soaked clothes for a long period of time.

Take Necessary Medication with You

Some places can have heat waves during the summer. In such a case, you should be prepared for it. Additionally, if you have diseases that can be triggered due to the heat, take the prescribed medicines with you. You might also want to take vaccinations that will protect you from falling sick from insect bites or mosquitoes.

These are some of the simples steps that you can keep in mind while packing for a summer vacation. And while you are vacationing, just remember to drink a lot of fluids and keep yourself hydrated.

Real Estate Management Fees

The property investor has decided to hire a management company to take care of their many properties. They interview several before making a decision on the company they will hire. There are many things they will be comparing, among them the real estate management fee the company charges. The investor needs to determine whether they want to pay a monthly percentage or a flat fee for the managers services.

Investors should look at more than the monthly fee they will be paying. Sometimes for a higher percentage you will receive more services. The cheaper rate of some managers does not include the extra fees charged. Find out if the advertising is included in the normal fee. Will they be charging each time they show the property to a potential client? Are their leasing fees on top of the management fees? The investor should read each companies contract to determine what is included in their real estate management fee.

A real estate management fee is charged based on a percentage of income collected with a minimum monthly base fee. Fees will often vary by the type and size of the property. Fees can be a flat rate for a single family home or 6 percent of the rental income for larger properties. Larger properties typically command a lower percentage rate (ie, 2 percent) than a single family home that may be quoted up to10 percent. Fees are negotiated on a per property basis and depend on many factors including condition, location and size of the property, etc. Leasing and other auxiliary service fees are separate and in addition to the management fee.

The investor should ask what services cost extra. They should determine if evictions are an extra fee. The contract should state how and when the fee is collected. Will the investor be billed or is it deducted from your account? On a monthly or quarterly basis? Is there a cost to prep the units for rent? And what is the typical cleaning fee on vacancies?

A management company fulfills many services for the investor. The company takes care of the daily activities of renting the property, collecting rents, accounting and monthly statements, hire contractors for services such as cleaning, groundskeepers and maintenance work as well as supervise any work. The real estate management fee the investor pays provides them with peace of mind.

The investor has interviewed several companies and found the fees are close in range with a few exceptions. They decide to further investigate each companys contract and references. By comparing all the services and getting good referrals, the investor can make an informed choice.

Interviewing the management company to determine the real estate management fee that charge is the first step to hiring a reliable company. The final cost the investor will pay the management company is determined by many things as well as the monthly fee. How well the company communicates with the investor and tenants, how they handle problems, their attention to detail in the leasing process and their ability to maintain the property in good condition all determine the investors final costs on each property.

Hiring a good management company helps the investor rent his property faster and provide preventive maintenance before problems become major repairs and expenses. The investor should look at more than the initial monthly fees when determining how much it will actually cost them if they go with the cheapest company.

The Most Important Things to Know Before Potty Training Boys

Is potty training boys harder than potty training girls?

Some say "Yes", I say "No, not really."

I only add the "not really" part because potty training boys properly requires a bit more preparation only because parents have to make a few more decisions before beginning (which I'll discuss below). But the basic approach is exactly the same for potty training boys and girls.

So, in spite of what you may have heard, the following "myths" are not true:

1. Boys are more stubborn and less motivated than girls, and therefore harder to potty train.
2. Potty training boys is a lot longer process than potty training girls.
3. Boys are less motivated and therefore less cooperative during potty training.
4. Boys can not be potty trained until they're three.

If you believe any of the above statements, the first thing you should do is erase them from your memory bank, because they're simply a bunch of hooey, and if you buy into any of them, you're doing your son and your Wallet a big disservice.

Therefore, let me set the record straight. If your son is a normal, healthy toddler he should be ready for potty training at about 18 months (average) although some boys are ready earlier or later – anywhere from 12 to 27 months.

Boys who are ready for potty training will often begin to imitate their fathers or brothers (it's as though they realize the differences in genders) and may even start to stand at the toilet like them (even if they have no idea what to do once there !). And once the potty training process begins, they may also ask to use the toilet like them. If so, go for it!
If your child wants to be like daddy or like his older brother and believers, by all means, then let him stand! Power struggles are big no-nos in the potty training world …

So, what is the biggest difference between potty training boys and potty training girls? In my opinion, the only significant variance between the two is that parents need to decide ahead of time if they'll train their sons to urinate standing up or sitting down, so they'll know what kind of equipment they'll need.

My advise? Teach boys to urinate and have bowel movements sitting down. Period. (By the way, The American Academy of Pediatrics supports this advice).

Here's why:

1. You'll need less equipment. You can begin training using a potty chair only – no need for stools, urinals, and the like.

2. They'll learn "potty basics" faster. Remember, your son is learning a brand new skill – one that requires his – and yours – complete concentration and cooperation. So, why complicate the process by introducing too many things at once? Once your son has learned to use the potty, the big learning curve is over and it's reliably easy to teach them to urinate standing up, when the time is right.

3. Potty chairs are much "friendlier" when children are sitting. Consider this … potty chairs are low to the ground (purposefully, so toddlers can get on and off them easily), less "weak," and have much smaller openings than traditional toilets. Therefore, when children pee standing up, there's likely to be a good deal of splashing. The alternative is a urinal for peeing, and a potty chair or toilet for poop; A toilet for both; Egypt a potty chair for both. If you choose to use a toilet, you'll need to make sure you have a step stool (so your son can get on and off the processed by himself) and should consider purchasing a seat reducer (or else there's a better than even chance That your son may be frightened by the large opening – a very common fear).

4. You'll have less mess. Just put, potty training boys standing up is just plain messy, because little boys are notoriously bad aims – even with the best of intentions – so you can expect lots of dribbling down the potty chair, on the seat, and yes, all over the Floors and walls. It just comes with the territory.

5. Potty chairs are more flexible. One of the very best things about potty chairs is their portability. That's right … you can load them up and bring them with you, and your son can pee pee or poop on the fly (no pun intended:>). Trust me, this will come in very, very handy during your potty training journey. For whatever reason, you'll find that your child suddenly has to pee (and I mean, "really, really bad.") At the most inopportune times and your portable potty chair will be a Godsend. Yes, little boys can urinate in a potty chair standing up, but you'll need to bring lots of wipes with you!

Please also keep in mind that regardless of whether you're potty training boys or girls, consistency is king (in fact this is one of the core principles of our potty training system)! So, please see to it that whichever method you use, it's reinforced by all of the other adults who come in regular contact with your son.

This is especially true if your son is enrolled in pre-school, day care or has a nanny or babysitter. In fact, some organizations have very specific rules regarding potty training – especially as it relates to potty training boys. Therefore, it's a good idea to check with your childcare providers beforehand, so you're all on the same page.

Once again, I hope my advice on potty training boys has been helpful and you'll take the time to check out my other potty training articles!