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Updated: June 3, 2025
The certificate above recited seems, therefore, to have been procured by the Master to protect his ship from capture, and not to have been a spontaneous act of the pretended neutral owners to protect the cargo. The cargo and advance freight were insured against war-risk, the ship paying the premium.
And with the huge profits to be made in neutral trade, it seemed incomprehensible that a sound business man like Cappy Ricks should assume all these risks for the sake of a little extra money. Surely he must realize that if he sent her on an illegal errand her war-risk insurance would not hold.
The Union navy lacked the means of patrolling the sea lanes of commerce over millions and millions of desolate square miles. Consequently the war-risk insurance rose to a prohibitive height on vessels flying the Stars and Stripes; and, as a further result, enormous transfers were made to other flags.
The exhilaration of his task, its importance, the glow of thankfulness when some real advantage was won, a plot foiled, a scheme carried to success these matters were all banished from his mind. Even the war-risk of it was forgotten. He thought with envy of the men in trenches.
Why, at that depth Cappy should have known that her masts and funnel would be above water; that in all probability she carried war-risk insurance; that she was so far from anywhere the underwriters would have abandoned her, even had she not been a prize of war, since there are no appliances in Papeete for salving a vessel of her size; that she could be raised if one cared to spend a little money on doing it; that one projectile probably had not ruined her beyond repair; that she was a menace to navigation in Papeete Harbor and hence would have to be gotten out of the way, either by dynamite or auction; that well, any number of thats should have occurred to Cappy Ricks to suggest the advisability of keeping track of the wreck of the Valkyrie.
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