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.

Lingerie Shopping for Men

Lingerie shopping for men may sound really strange, although you would be surprised to know that lingerie shopping has really become a common practice for men.

Men love to shop for exquisite and sexy lingerie for their beloved. Now, this can be a really tedious task as shopping for something as intimate and complicated as lingerie is not an easy job.

Every woman is different and have different tastes. Here, it is difficult to figure out what kind of lingerie would please your loved one, as a gift. You may like her to wear something as hot as thongs but she may prefer something elegant and lacy. Here, it is extremely necessary to keep in mind what she likes and dislikes.

Buying sexy lingerie for your sweetheart can make her swoon with delight. This would be extremely romantic. Now, this does not mean that sexy lingerie is just a gift for your lover. It would be a gift for you as well. Giving lingerie to your lover would show that you really love her and care for her deeply.

Now, here are some important things you need to consider prior to purchasing lingerie for your loved one. First of all, you need to do some research on the type of lingerie available in the market and also keep in mind the person who is going to wear it. Think of the style that she usually prefers wearing and then decide on a specific style.

In case, you want to experiment on your purchase, you can consider purchasing something lacy with a stretchy mesh. This would make her love wear it.

Remember that women's sizes vary by manufacturer and material. Stretchy materials and meshes tend to fit every woman, with a slight guess.

In case you want to find out what she actually likes, you can try paying attention to her comments when watching movies or commercials. If she does point out a certain style or look, it is quite straightforward to find something similar. But make sure it is similar, try not to get carried away and chose whatever the cutest model is wearing ….

Quality need not cost the earth, as there are lots of great designs at affordable prices. You should really consider purchasing lingerie online. This would offer you privacy and also ensure you are not rushed into a buying decision. You can compare lots of different styles online, and above all, just take your time over it.

Automotive Industry at a Glance

The World Automobile Industry is enjoying the period of relatively strong growth and profits, yet there are many regions which are under the threat of uncertainty. Carmakers look for better economies, market conditions which are ideal to have a successful stay in the industry. The automotive industry has a few big players who have marked their presence globally and General Motors, Ford, Toyota, Honda, Volkswagen, and DC are among them. It has also been suggested that automotive industry has accelerated more, after the Globalization period, due to easy accessibility & facilities among nations and mergers between giant automakers of the world.

Moreover, the advancements in industrialization led to a rise in the growth and production of the Japanese and German markets, in particular. But in 2009, the global car and automobile sales industry experienced a cogent decline which was during the global recession, as this industry is indirectly dependent on to economic shifts in employment and spending making, it vulnerable. While demand for new and used vehicles in mature markets (e.g. Japan, Western Europe and the United States) fell during the economic recession, the industry flourished in the developing economies of Brazil, Russia, India and China. Boost in global trade has enabled the growth in world commercial distribution systems, which has also inflated the global competition amongst the automobile manufacturers. Japanese automakers in particular, have initiated innovative production methods by adapting and modifying the U.S. manufacturing model, as well as utilizing the technology to elevate production and give better competition. The World Automotive industry is dynamic and capacious, accounting for approximately one in ten jobs in developed countries.

Developing countries often resort to their local automotive sector for economic growth opportunities, maybe because of the vast linkages that the auto industry of the country, has to other sectors. China is by far the largest market for sales followed by Japan, India, Indonesia, and Australia. Sales figures of 2005 to 2013 indicate that sales for vehicles in China doubled during this period, while Indonesia and India also benefited. However, there was slump in sales during this time in Australia, New Zealand, and Japan. Interestingly, this year competition in the truck segment has become more intense, with the three big U.S. automakers striving for supremacy in both performance and fuel economy. The Japanese aren’t giving up, either, with both Toyota and Nissan launching new pickups in 2015.

India is the seventh largest producer of automobiles globally with almost an average production of 17.5 million vehicles with the auto industry’s contribution amounting to 7% of the total GDP. It has been estimated that, by 2020 the country will witness the sale of more than 6 million vehicles annually. India is expected to be the fourth largest automotive market by volume in the world where, two-wheeler production has grown from 8.5 Million units annually to 15.9 Million units in the last seven years and tractor sales are expected to grow at CAGR of 8-9%, in next five years, making India a potential market for the International Brands. As 100% Foreign Direct Investment is allowed in this Sector, India is expected to have a speedy expansion, to, soon to become the largest automobile Industry. While India is second largest manufacturer of two- wheelers and largest of motorcycles, it is also estimated to become the 3rd largest automobile market in the world by 2016 and will account for more than 5% of global vehicle sales. As large number of products are available to consumers across various segments, providing a large variety of vehicles of all the types, manufacturers aim towards customer satisfaction and loyalty.

Following the FDI policy, entry of a number of foreign players with reduced overall product lifecycle and quicker product launches have become a regular occurrence in the automotive industry of the country. Indian auto market is seen as the potential market which can dominate the Global auto industry in coming years. Moreover, giant dealers and manufacturers are inclining towards the country because of ease of financial norms as well as an environment so conducive to support in their projects.

With Narendra Modi’s Make in India Campaign, the automotive industry is expected to witness quite a few changes, where 800 Cr have been allocated in the Budget to promote the Energy and Hybrid Vehicles manufacturing. This move is expected to cut down the prices making these electric and hybrid vehicles cheaper and more eco-friendly. It is also expected that this move will curb down the carbon dioxide emissions to 1.5% till 2020. This program will subsidize the purchase of new hybrid and electric cars, as well as other vehicle types. It specifies incentives of up to 29,000 rupees for scooters and motorcycles, and up to 138,000 rupees for cars. Three-wheeled vehicles, light commercial vehicles, and buses will also be eligible for incentives of varying amounts as well.

The used cars sector in India has emerged as one of the major industries due to its easy accessibility and lower rate of interests. But growth in used car sales are lower than new car sales as people still prefer to purchase new cars as opposed to buying used ones. A big reason of this could be the fact that there is a reduced supply of used cars, and high prices of these used cars are pushing the consumers to opt for the low priced new cars. But despite of lower growth compared to new cars segment, used car industry has been showing a fast and steady growth. According to the industry analysts, the sales of used cars are expected to boost up in the next few years.

Till last decade, consumers were involved in unorganised sector of Used Vehicles industry, there were no organised players to assist the consumers in buying of used vehicles, and about 60% of used vehicle sales were customer to customer where there is a trust factor. The remaining sales were managed by the local dealers. But then in 2001, Maruti came with the first company of selling used cars in 2001- Maruti True Value. Despite the automobile industry witnessed slow sales numbers in the last few quarters, the used or pre-owned car segment is growing fast, and is likely to accelerate in future. In fact in the last fiscal year, more used cars were transacted, 10% more than the new ones, according to the assessment by Maruti Suzuki India Ltd. and Honda Siel Car India Ltd. With the organised players stepping in, the used cars market has benefited from fair deals, warranties, better retail network, credibility, transparency, easy availability of finances. These have all made buying a used car easy. Organised used car showrooms provide the platform to the prospective consumers to choose cars from various brands and segments. Car makers have realized the potential of used car market and are making conscious decisions to operate in the pre-owned car sector also. Besides exhibiting multiple brands, the branded used car retailers, also offer one-stop shop for all inquiries and grievances. All the major Car dealers have now established their pre-owned car segment retail showrooms, Maruti True Value, Ford Assured, Hyundai Advantage and Toyota U Trust are some of the major used car dealers.

Constant decline in fuel prices and better financial policies in the past year are the factors that are being expected to be the reasons for the number of new buyers to be increased in the market, which declined in 2013-14. But during this period, one segment that benefited from this decline was the used vehicle market, with increased awareness, financial reforms and organized firms. Most of these used cars buyers are younger people who prefer buying Pre-owned cars which come at lower prices and they get a good bargain for the same. Indian used vehicle market which is still, almost quarter of new vehicle market is growing at a rapid pace. The Pre-owned car sector is expected to grow by 15-18% in coming years.

Also with the rising in number of organized players have boosted the amount of confidence people are putting in buying a pre-owned car. These players not only offer a good line up of used cars but also offer finance & extensive vehicle check facility for 100% customer satisfaction.

The Automotive Industry is an important part of every economy as it is interrelated to growth of sectors of the economy. India as one of the progressing economy is resolving towards making its automobile industry more and more successful ultimately, linking it to overall development. With the Make in India Campaign and promotion of eco- friendly vehicles, India is expected to soon to become largest automobile industry globally. Used vehicle industry is expected huge gains with more and more people resolving to it along with the growth in the new car market. With more resources for the buyers and sellers, the automotive industry is expected to flourish meritoriously in coming future ultimately taking the country forward.

Properly Executing Strength Training Exercises Part 2

In this section we will cover how to determine the proper number of sets and repetitions to meet your individual goals. For those who want a better understanding of the program you currently follow, or want to design your own workout schedule, these are important variables that can greatly influence the results you see.

First off, let's be clear on what these two terms mean. A set is defined as an entire strength training exercise reflecting from when you begin the move to when you complete it. Using the simple bench press as an example, the set begins when you take the weight off the rack, continues through all the times you lower and raise the bar, and primarily ends when you place the weight back on the rack. Most workout schedules will have you perform exercises for more than one set.

A repetition takes place within each set. They are the individual efforts that you usually repeat more than once before resting again. Using the bench press, one repetition is completed when you completely lower the bar, and then raise it back to the top. Rarely, if ever, you will complete just one repetition in a set.

Varying the number of sets and repetitions can produce drastically different physical changes over time. If you know what you want to accomplish, then you need to know the right amount of sets and reps to match your needs.

Choosing the number of repetitions

As we mentioned in Part 1, it is important that you know how to choose the right weights, regardless of the number of repetitions you perform. We will not get into that again here, but anything we mention here is dependent on picking weights that are not too heavy or too light. Our goal in this section is to give you guidelines on what you can expect to achieve for each repetition range. Strength training can help you build muscle, get a great cardiovascular workout, and of course, make you stronger.

Very high repetitions, like 15 or more per set, works very well as a cardio workout to help burn calories and strengthen your heart. You will need to take very little rest between sets, and should be careful here not to go too heavy, but for this specific goal a 15+ repetition range is very effective. Do not expect to get significantly stronger or muscular, though. If you are really hardcore and do 50-100 + repetitions on each set, though, you will help to strengthen the tendons and ligaments that hold your joints together.

Choosing a 10-15 repetition range starts to work toward gaining some strength and muscle, but not too much. Personally I think it is a good range for beginner athletes to work with, because the weights will not be overwhelming and they get a lot of practice perfecting their technique. This is also about the range anyone under the age of 15 should use when they are dealing with free weights, although they should not be spending a lot of time with them at that age.

The 6-10 repetition range is a good transition zone for 15-16 year olds, and for those who want a little more strength and / or muscle development than they'd get from the 10+ range. Most athletic-based programs use repetitions in this range, but I would suggest that it is not the best choice. It is a certain safe choice in that you will not go too heavy, but you will see some strength gains. In my opinion, there is a better choice.

I believe that anyone really interested in building strength, power, or muscle mass should be primarily working in the 4-5 repetition zone. If you are over 16, follow the guidelines given in Part 1, and have good technique, training this heavy is as safe as anything else you'll do in a workout program. It allows you to consistently train with heavier weights, which in turn will build your strength and maximize your power potential. And, depending on the number of sets you elect to perform, it can quickly build muscle, as well.

Anything done for 3 repetitions or less works pretty close to your limits, and should be done sparingly. It will build strength and power, but will not do much for gaining muscle unless you do a very high number of sets. Elite power lifters may work in this range fairly regularly, but for 99% of us you can make great progress with the 4-5 rep plan.

No matter which range you feel is best for you, proper technique is always your first priority. And for those choosing weights of 10 repetitions or less, it is always a good idea to have a spotter watching you in case you misjudged what weight you should have used.

Choosing the number of sets

Regardless of the number of repetitions you perform per set, you can choose to do one, two, or any number of sets for a particular exercise. The amount of sets you complete has to do with one critical variable: volume. Volume involves the total amount of weight you lift within a workout. If you multiply the weight used times the number of repetitions per set, and multiply that by the number of sets, it will give you the total volume of weight you lifted.

Why is this so critical? Because the higher your volume, the greater your chance of building muscle. The lower the volume, the less chance you have of adding bulk.

Some athletes need extra mass to perform better for their sport, but others would have been adversely affected. Luckily, this critical factor can easily be controlled.

If you want to gain muscle, do more sets of each exercise. Three to five sets is usually about right, but occasionally you can go even higher. Anything more than 6 sets of a heavy weight exercise (using the 4-5 rep range we recommend) and you may not be able to sustain that volume for long without getting hurt. Tendonitis is the most likely problem you will face.

Unfortunately, there is a definite downside to performing more sets, especially when using heavier weights. The added volume can be incredibly taxing on your body over the long term, and will make it difficult to work on other aspects of your training. I would recommend setting aside a specific time of year to focus almost solely on mass training, if it is even necessary for you, and save other goals for another time.

If you need to get stronger and more powerful, but want to avoid getting bigger or need your energy for other goals, then go with one or two sets per exercise. Two schedules that work well here are to do one set per exercise five days per week, or two sets per exercise three days a week. Both keep the volume relatively low, but the heavy weights will help you adapt to what you need. Keeping the number of sets down will allow you to put more of your energy towards other goals, allowing you to build two or more skills at the same time.

That is our general guide for how to determine the correct number of sets and repetitions you need to meet your goals. This is obviously a more detailed topic than we covered here, but hopefully it is a good starting point for you. In our final article in this series we will cover how to determine the right rest times in between sets, and give you some important reasons why you should always use proper technique in your training.