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Was Sinking the Titanic an Insurance Scam?

Sunday 24 July 2011

‘In 1908, financier J.P. Morgan planned a brand new class of luxury liners that would enable the wealthy to cross the Atlantic in previously undreamed-of opulence. The construction of the giant vessels, the ‘Olympic’, the ‘Titanic’ and the ‘Britannic,’ began in 1909 at the Harland and Wolff shipyard in Belfast, Ireland.

Unfortunately for Morgan and his personal bank balance, this money-making venture went a little awry. The Olympic, the first one of the three sister-ships to be completed was involved in a serious collision with the British Royal Navy cruiser, HMS Hawke in September 1911 in Southampton a few weeks after its maiden voyage and had to be ‘patched-up’ before returning to Belfast to undergo proper repair work.

In hindsight, it does seem strange that although the Olympic, the first of the ‘sisters’ to enter service, was never given the publicity her younger sister, the Titanic, enjoyed the following year Why would that be?’

Read more: Was Sinking the Titanic an Insurance Scam?