Amid the explosion of maritime trade in the Victorian era, and the lockstep growth of the Lloyd’s market, the life of the sailor remained absurdly dangerous. In a given year as many as one in five British mariners might die at sea, many on ancient and overloaded ships sent out by avaricious owners with little regard for the consequences. A substantial number of them were “overinsured,” with policies negotiated at Lloyd’s worth far more than their actual value. These vessels were known as “coffin ships” because of the high likelihood of disaster, and not always of the natural kind.
