AN OLD STORY
Commenting on the loss of the steamer Cadoxton in tho Bay of Biscay In January last, the London "Times" pointed out that while tho outsido valuo of the vessel (built in 1S80) was XCOOO, she was insured for ,£12,000. Tho skip Carnedd Llewellyn, lost last year, was similarly insured for .£II,OOO, her market valuo not exceeding •SVfIOO. The presiding magistrate at the Court of Inquiry in this case stated that "an insurance system by which tinderwriters induce shipowners to over-insure their ships is opposed to tho public weal."
Tho Court m the Cadoxton case found that "the culpablo omissions of the master and chief engineer indicated an absence of desire to save tlie vessel. . . .
The story of the loss of tho Cadoxton was not dissimilar from previous eases lieard in-tho Court in their salient features—namely, an old vessel trading at a loss, over-insured, cause of loss a mystery and neglect of prompt, and obviously available, measures to save the vessel."
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Bibliographic details
Dominion, Volume 3, Issue 857, 1 July 1910, Page 7
Word Count
163AN OLD STORY Dominion, Volume 3, Issue 857, 1 July 1910, Page 7
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