Atlantic Mutual Insurance Company - Famous Shipwrecks Insured By Atlantic Mutual

Famous Shipwrecks Insured By Atlantic Mutual

As the largest marine insurance firm in the United States for many years, Atlantic Mutual became involved in some of the most famous shipwrecks in American history.

• SS Central America - The company insured the SS Central America, a sidwheel steamship laden with gold which sank in a hurricane in September 1857. When the wreck was rediscovered by the Columbus-American Discovery Group, Inc. on September 11, 1987, Atlantic Mutual and 38 other insurance companies filed suit against the treasure-hunting firm, claiming that because they paid damages for the lost gold they had the right to it. In a precedent-setting court case on telepossession, the 4th Circuit Court of Appeals ruled against Atlantic Mutual and the other insurance companies and awarded 92 percent of the gold to the Columbus-American Group.

• Mary Celeste - Atlantic Mutual was also one of the insurers of the Mary Celeste, an American brigantine sailing out of Staten Island, New York. In December 1872, a month after leaving Staten Island for Italy, the ship was seen adrift and without her crew and no explanation for the "ghost ship" has ever successfully explained why the ship was abandoned. Atlantic Mutual established a small museum dedicated to the mystery of the Mary Celeste at its corporate headquarters, which included a model of the ship and the captain's lap desk.

• RMS Titanic - The Atlantic Mutual Insurance Company also helped to insure the RMS Titanic. The ship was insured for $140,000, of which $100,000 was held by Atlantic Mutual. The largest passenger steamship in the world at the time, the Titanic struck an iceberg on the night of April 14, 1912, during her maiden voyage and sank with more than 1,500 people still aboard two hours and forty minutes later.