Those on this thread who have compared the Conception to a death trap, and Truth Aquatics as their greedy owners, are being disrespectful to both, and displaying remarkable 20/20 hindsight.
I will reiterate that I have dove on the Conception and the Truth, and both boats exemplified maintenance and money spent. Their crews were good. They were not trying to get every nickel out of operation, as some have suggested. I recall specifically that these boats would routinely leave on trips half full, and therefore less profitable, something many other operators would cringe at.
When I think of this, as I do a lot, I can't help but recall the Titanic--and I mean no disrespect or glibness in this comparison. Like Truth Aquatics, the White Star Line of 1912 had a very good reputation. The Titanic, later regarded as synonymous with disaster, actually exceeded the safety standards it was only required to meet, most relevantly, the number of lifeboats. The newspapers called it "unsinkable" and even the the more sober minded recognized it as far safer than the majority of ships on the water. In those days it was unthinkable that a large multi compartmented ship could sink, so it was envisioned that the lifeboats were chiefly to be used in moving passengers from a stricken ship to a rescuing ship, which was the rationale behind the number of lifeboats required.
The practice of maintaining speed through known ice fields was common.
There were, of course, elements of bad luck: the binoculars missing from the crows nest, the complete calm of the water, which made it harder to spot the bergs, as no water broke at their bases.
The rest, of course, we know.
The Conception tragedy is one of the horrible coincidences of events that, like the Titanic, with terrible human cost, has or will hopefully raise our collective understanding of what can go wrong, and make us think about what we can do better in the future.