Franklin, who confirmed that the insurance policy was $5 million. Quoting Ismay, “the Titanic ‘cost $7,500,000’-and was insured ‘for $5,000,000, I understand.’” This is backed up by the IMM’s American Vice President, Philip A.
In 2005, he examined the insurance argument-that the ship would be intentionally sunk to claim the insurance benefits. Historian Mark Chirnside has also devoted serious time to the question of why, exactly, the switch would be made. Morgan was behind the switch, eager to use an inferior ship to drown his enemies onboard. Other conspiracy theorists claim a more nefarious reasoning for the sinking: J.P. The only thing that ruined the plan was an iceberg. So, the company made a switch: its newly built second ship would take on the name Olympic, while its damaged older ship would be re-purposed to be the Titanic.Įventually, the true Olympic (now secretly operating as the Titanic) would be scuttled in an accident from which the White Star Line could collect an insurance payment befitting a brand-new ship-all while the ship originally built as the Titanic would have lived on. The lawsuit meant repairs would not be covered by insurance, and it was drawing no money while sitting around the docks. The Olympic crash is where paths diverge.Īfter the crash, conspiracy theorists claim, the Olympic was an economic disaster. Kirk and Sons of Cowes/Heritage Images/Getty Images // Getty ImagesĮverything above is generally agreed to be fact. The tear in the hull of the Olympic after the Hawke incident. Three ships were commissioned: the Olympic, the Titanic, and the Britannic. If they couldn’t match the Lusitania’s speed, Olympic-class ships would outclass Cunard ships: they’d be even bigger, and more luxurious. Bruce Ismay began work on what came to be known as Olympic-class ships. With Morgan’s permission, White Star chairman J. (IMM), a holding company bankrolled by famed financier J.P. In 1902, White Star had become a property owned by the International Mercantile Marine Co. This time around, the company had some extra backing. The company was no stranger to such battles, but Cunard’s Lusitania and Mauretania had outgunned White Star’s so-called “Big Four” ships in terms of top speed. To compete with the Lusitania and its mate, White Star Line entered into a giant ship war. Locally, it had a fierce rivalry with the Cunard Steamship Company, Ltd., which in 1906–07 had sent on its maiden voyage the world’s then-largest passenger ships, the Lusitania and the Mauretania. The British White Star Line had stiff competition in England and across the globe. What’s more, the conspiracy theory suggests, the entire crash was an insurance scam gone wrong. Rather, the White Star Line swapped ships for the voyage from Southampton to New York, and the ship billed as the top-of-the-line Titanic was actually an older ship: the Olympic. The Titanic Discovery Was a Navy Cover-Up.Everything We Know About the Missing Titan Sub.
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