Pyramid Field Notes

Your choice

Help keep these field notes free.

We use optional adverts to help fund Pyramid Field Notes. You're welcome to read everything without them.

Choosing Allow connects to Adsterra. Its advertising service can use cookies or similar storage, connection details and page information to deliver and measure adverts. Read the privacy details and current limitations.

You can change your choice in the panel at the top of the page.

Pyramid Field Notes / Short films

The clip. The context.

A compelling moment is a starting point. Watch the claim, follow the sources, and see what remains open.

Now showing / 01

Titanic: the insurance claim

AJ tells the switch theory, then checks it. These films keep both stages of his episode visible.

The Why Files9 October 2026

Follow the source trail
Part 1 / The claim0:40

Loading connects to YouTube. Its privacy policy applies.

Start with Part 1. The player loads only when you choose.

Beyond the moment

Follow the source trail.

How we weigh the evidence

About Part 2. It is a later excerpt from the same episode, in which AJ corrects the switch theory set out in Part 1. Watch both parts before drawing a conclusion.

Evidence graphic / 1912 records

Titanic and Olympic: cost and insurance figures recorded in 1912, in £ million

Units. Pounds sterling as recorded in 1912; not adjusted for inflation. Each bar is one figure from one record.

Do not add the two Titanic £1m figures. They come from two different records and are shown separately; they are not evidence of two separate covers.

Limit. These values do not show profit, the company’s final loss or the wreck’s identity. The sources here do not give Olympic’s cost, so none is shown.

Sources: US Senate Titanic report, printed p. 3 ↗ · Lloyd’s: the original placement slip ↗

Show this graphic as a table
Titanic and Olympic figures recorded in 1912 (£, nominal)
RecordItemAmount
US Senate report, 28 May 1912, printed p. 3Titanic cost£1,500,000
US Senate report, 28 May 1912, printed p. 3Titanic outside insurance£1,000,000
Lloyd’s placement slip, 9–11 January 1912Titanic hull and machinery cover£1,000,000
Lloyd’s placement slip, 9–11 January 1912Olympic hull and machinery cover£1,000,000
What the evidence supports

The Senate report puts Titanic’s cost at £1.5 million and outside insurance at £1 million. Lloyd’s original placement slip records £1 million of cover for each ship, including Olympic. This challenges the uninsured-ship premise and the suggestion that Titanic’s cover exceeded its cost.

What remains open

These financial records do not independently establish the wreck’s identity or a complete profit calculation. AJ later rejects the switch theory; his part-number and porthole statements are distinct from our financial-record check.

Read the sources.

  1. US Senate: original Titanic report

    28 May 1912 · printed page 3. Cost, outside insurance and the company’s retained risk.

  2. Lloyd’s: the original placement slip

    Hull and machinery cover of £1 million for each ship; arranged 9–11 January 1912.

Watch the original source

Support the notes

Your reading. Your choice.

Adverts are optional. Open Advertising choices to allow or decline them on this page. You can keep reading without adverts.

Privacy and advertising

Have a claim worth checking?

A better question starts here.

Research for creators