Tuesday, 12 July 2016

WARATAH NOT INSURABLE.

The Sydney Morning Herald, Thursday 11 November, 1909
THE MISSING WARATAH.
LLOYD'S ABANDON HOPE.
LONDON, Nov. 9.
Lloyd's have abandoned hope of thesteamer Waratah being found. The vessel is not insurable.
The Waratah was officially declared missing mid December. It is surprising that Lloyd's made the decision to cancel further insurance more than a month before. I would be curious to learn how the Lunds responded to this?
The official insurance status of the Waratah did not prevent further searches at sea - the Wakefield embarked on a fruitless 3 month search in the early part of 1910. 
Once Lloyd's had 'abandoned' insurance on the Waratah does this imply that if and when the wreck is discovered that Lloyd's holds no further claim on cargo salvage?
Further to this, the insurance cover on Waratah of roughly 70 000 pounds for cargo in no way covered the value of copper ingots; lead bars; silver bars; gold bars and lead / silver from the 1300 tons of concentrates. 
Salvage would theoretically make this valuable component of cargo 'finder's keepers' unless there was a separate insurance policy covering Commonwealth or other parties investment in the heavy metals.....
So much regarding the cargo on board Waratah remains mysterious like the very ship herself....



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