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.

All About Your 3G Internet Service

In the technology circle, there is much hue and cry about 3G internet services. It is a known fact to everyone that 3G stands for “3rd Generation”, but very few are aware of this technology from its core. Basically, it’s an initiative taken by the International Telecommunication Union to create a global wireless standard for mobile internet access. However, it requires a minimum mobile internet access speed which is comparable to DSL (Digital Subscriber Line) internet speed. To meet the technology standards, there needs to be high-volume voice services.

Unlike its predecessor 2G (2nd Generation) technology, which was evolved around voice applications including talking, call-waiting and voicemail, 3G technology emphasizes on internet and multimedia based applications that facilitate web browsing, music downloads, video conferencing etc. However, to access 3G network, your device need to support an information transfer rate of at least 200 Kbit/s. With the increased demand for high-speed internet services, the popularity of 3G is also surmounting. The technology has multiple benefits to offer, some of which are discussed below:

High-speed Internet on the Go: Before the advent of this technology, it was almost a dream to get access to high-speed internet on the go. Modern developments in mobile technology coupled with 3G has created great opportunities for users to surf internet at a blazing fast speed, even while they are travelling.

Reaches Remotest Corners: It’s easy to find 3G access at places where wired connectivity is difficult to install. This helps minimize the gap in internet access in rural areas or areas with limited connectivity. The speed sometime exceeds the speed of dial-up internet services.

Affordability: 3G standards benefited the rural people to a great extent. While it’s expensive to set up wired connections at homes, the wireless internet costs less and offer better speed to the users. With the development of this telecommunication technology, users can now get high-speed connectivity even on their mobile devices.

Multimedia Usage: Both corporate and personal consumers benefit from the service as it facilitates the use of diverse multimedia applications and enhances the wireless internet experience. It enables real-time video conferencing, music download at a faster speed, uploading and downloading files at a speed that equals to wired broadband services.

Stay Entertainment: Internet offers multiple ways to keep the users entertained. For lightning fast internet speed and seamless network availability, users can enjoy online gaming, listen to their favorite music or watch movies online with their 3G internet connection.

Though, 3G internet technology is getting momentum both in urban and rural areas, there are still some places where this technology is not as effective as metropolitan cities like New York and San Diego. While telecommunication experts are hopeful to enhance the reach of both 3G and 4G (4th Generation) networks and make the services more affordable for the users, the increased traffic and the usage of mobile devices are the two main issues of concern for the tech experts. Moreover, to sustain a balance in the environment, there needs to take more precautions, as wireless rays often cause harmful radiation, which have adverse impact on the environment.

What is Internet Marketing? Define Internet Marketing

What is Internet Marketing? In broad terms Internet Marketing refers to promotion of commerce or business through the Internet medium. It is the way in which products or services are promoted and sold over the Internet. Internet marketing, also called web marketing, online-marketing and even “i” or “e” -Marketing uses the Internet to deliver all types of media to a global and even local market. The relatively low cost to disseminate information to a global audience makes it very unique compared to marketing of the past.

The interactive nature of the Internet has forced the evolution of its marketing strategies to include specialist skills to deal with the instant response and eliciting responses now present with this unique medium. A device must be included in your Internet marketing system to accommodate this instant response.

The term is also inclusive of the post-sale relationship between a business and its customers because it encompasses digital customer data management and electronic customer relations. It is widely used in the business world today and referred to as ECRM – Electronic Customer Relationship Management. This makes the scope larger as it refers to the on-going relationship supported by the Internet, e-mail, and wireless media.

Internet marketing ties together the technical and creative aspects of the Internet including design, branding, promotion and advertising, as well as sales. Here are three main objectives to help define Internet Marketing:

(1) Deliver a company’s message or presence in a marketplace. Branding its culture, mission and value as well as educating or detailing its products or service via the computer screen.

(2) Collect data research not limited by demographics, individual preferences or past requirements of both existing customers and (different groups, classes, stereotypes, etc.) as potential new customers.

(3) The actual selling, collection of fees, tracking of distribution and follow up of goods, services, or advertising space over the Internet.

The way in which one reaches out via the Internet to its prospective client is through different strategies. The more popular Marketing Strategies utilized by Internet Marketers are Social, Content and Paid marketing approaches. Each has their own attributes as well as limitations or short-comings.

There are several Business Model terms associated with Internet Marketing.

E-COMMERCE (electronic-commerce) refers to business over the Internet. Web sites such as Amazon.com and eBay are all e-commerce sites. The two major forms of e-commerce are Business-to-Consumer (B2C) and Business-to-Business (B2B). So, while the neighborhood baker doesn’t sell his cupcakes on the Internet, he utilizes the benefits of the Internet to search and find the supplier with the best price for flour.

LEAD-BASED WEBSITES are organizations or groups of websites that create value by capturing prospective clients or sales leads from the Internet to be utilized by or sold to a third party.

AFFILIATE MARKETING is a process in which a product or service is promoted by many people or entities that receive a percentage of the profits when the product is purchased. The Affiliate did not develop or produce it themselves. The owner or producer of the product has authority over whom and how their product is sold and customarily provides the “affiliate” with marketing materials; i.e. Website links, capture pages, and banner ads that have encoded tracking – the device used to ensure the affiliate gets credit for the sale.

LOCAL INTERNET MARKETING is the process used by a company with a “local customer base” that traditionally sells by warm market referrals, signage, location visibility, and utilizing the Internet to find and cultivate relationships with potential customers to later interact with offline.

BLACK HAT MARKETING is a form of Internet marketing or search engine optimization (SEO) commonly referring to the practice of using unethical techniques or employing deceptive, abusive, or less than truthful methods to make your search rankings go up to drive more traffic to your website.

The birth and growth of Internet marketing has also made a mark on the “personal worlds” of many individuals. With Internet Marketing offering individuals infinite ways to promote and market themselves, products, services and opportunities, the world of home-based-business has exploded.

Initially for the person that desires to capitalize on this medium for their own person commerce, Internet Marketing can be confusing or even overwhelming for most. Each method seems to have its own language to decipher and obstacle to overcome. A system or platform to manage all of these strategies can be very useful if it includes support training. It’s best to only choose 1 or 2 initial strategies to focus on at one time. The best strategy for one person may not be the best strategy for you. Most important is that you discover the strategy that you like most and are comfortable performing. If you enjoy the process you will be certain to be better at it. And the better you are at it, the more likely you’ll become consistent with its implementation. You will find that the strategy you choose is much less important than your ability to do it consistently in order to achieve results.

I agree it can seem overwhelming at times, but actually the process can be quite simple if you focus on just one strategy at a time. There are unlimited training courses, Internet tools, websites and programs to help you be more effective and efficient in each category or strategy you choose. Having someone to help guide you through the process, pointing out which tools and programs offer the most help, not only will save your sanity, but also can save you hundreds of hours and thousands of dollars in the process.

Intelligent Ways Of Investing

Let's say you've got your hands on a pretty large sum of money. The first thing you bought to do is handle any withstanding debt that you may have; Then, you should establish a sum of money that you need for immediate expenses and small extravaganzas. As for the amount you have left, it's best to invest it in order to start producing revenue for the years to come.

One of the best investment opportunities in the world is gold. This precious metal has a consistently high value and is considered to be an actual hedge against inflation and other similar processes, so it's rather safe to buy even in these times of financial uncertainty. You can purchase it in whatever shape suits you best, whether it's bullion, stocks or derivatives. However, keep in mind that the first two are longer long-term oriented, while the last one can bring you quick profits, but is pretty risky at the same time. Just make sure you have the appropriate storage means, so that you will not be exposed to the risk of being robbed.

Another good idea would be to acquire stocks or shares in a company. If the firm obtains profits, your investment will increase in value; Contradarily, if it goes bankrupt, your shares will also plummet to the ground. This is why it's very important that you first take some time and analyze the current situation of the company in which you're about to invest. Make sure you take a look at its policies towards investors, as well as any other matters that may be of interest to you. This way, there will not be any unpleasant surprises for you down the way.

If gold and stocks are not exactly your thing, there's always the alternative of buying real estate. This kind of purchase can be quite expensive, so it's not something to do on a whim. Still, some people say it worth the trouble, since it can bring you a much larger amount of income in the following years, especially if you decide to rent it or re-sell the property when prices have gone up.

Finally, be aware that most experts agree it's best to create a diversified portfolio of investments. Use part of your money for larger purchases, such as real estate, another part for stocks and shares, and the rest for commodities. This way, you will be "covered" no matter what happens to a particular market or to the economy itself.