Kalgoorlie Western Argus, 2 April, 1912.
The company's boats carried
one-fourth insurance.
What does this mean? Koombana was insured for 75% of her book value of £ 100,000. The one-fourth quoted I assume refers to the shortfall of 25%. Annie Boyd refers in her book, Koombana Days, to Koombana actually only being worth £ 75,000 on the open market. Given depreciation, this was probably standard practice.
It does suggest the Company had faith in Koombana's sea-going abilities which was not a 'spotted' ship; one that was over-insured with the express purpose of making money as a result of total (expected) loss.
If properly operated, sufficient dead weight lowest down and ballast tanks full, Koombana should have been able to survive most storms at sea. But Port Hedland's bar was a bar too high to fulfill this basic requirement.
There was never going to be a guarantee of uncomplicated, complete filling of ballast tanks at sea in gale conditions.
What does this mean? Koombana was insured for 75% of her book value of £ 100,000. The one-fourth quoted I assume refers to the shortfall of 25%. Annie Boyd refers in her book, Koombana Days, to Koombana actually only being worth £ 75,000 on the open market. Given depreciation, this was probably standard practice.
It does suggest the Company had faith in Koombana's sea-going abilities which was not a 'spotted' ship; one that was over-insured with the express purpose of making money as a result of total (expected) loss.
If properly operated, sufficient dead weight lowest down and ballast tanks full, Koombana should have been able to survive most storms at sea. But Port Hedland's bar was a bar too high to fulfill this basic requirement.
There was never going to be a guarantee of uncomplicated, complete filling of ballast tanks at sea in gale conditions.
courtesy Trove
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