What is the difference between a broker and an agent?

The main difference between an insurance agent and an insurance broker is that agents represent insurance companies, and brokers represent customers. Knowing the difference can be extremely helpful when you are shopping for a new policy or in the market for new coverage.

Why do brokers have a stigma?

Insurance brokers are not evil, in fact they are quite helpful. It is a common misconception that brokers work for insurance companies, however that could not be further from the truth. As insurance brokers, we work for you, the people!

It is also incorrect that working through an insurance broker costs the client more money. In contrast, working with a broker can save clients both time and money, in addition to frustration. Insurance brokers receive their compensation from insurers, but that does not (or should not) cloud the judgement of a good broker to recommend whatever policy is most appropriate to the situation as presented by you, the client.

What does a broker do that I cannot do myself?

First, they spend all day, every day dealing with insurance. They know the insurance industry, they live and breathe insurance, and they understand all the confusing terminology and phrases, which hopefully they can explain to you in a straightforward, no nonsense way. They also know the insurers, and the people who work there, which is a significant advantage over you calling a toll-free number and hoping for the best.

Second, insurance brokers evaluate and research the marketplace on a regular basis. A reputable broker knows the dynamics of the insurance industry, what the headlines are, what is no longer relevant, and which carriers provide consistent service. Nothing is more frustrating than finding an insurance plan that fits your needs, only to realize at time of claim that the company does not deliver.

Finally, as stated before, a broker advocates and works on your behalf. When a situation arises where a helping hand is needed, you can turn to your broker for assistance, leaving you to continue to concentrate on your work.

How do you know if a broker is reputable?

Word of mouth is the best form of marketing for a business, as well as the best form of research for a customer. There is no better way to find something than by asking someone you trust who has experience with your issues or concerns. This is also the case when finding a good insurance broker. Generally, though, you want to look for a broker with experience and longevity in the health insurance business and one who certainly should be able to provide references. It is also important that the broker is specialized and experienced in the yacht crew area as it is quite different from the typical expat insurance market.

Having proper insurance is important. MHG is your specialized broker when it comes to marine specific insurance. Our insurance specialists have the knowledge and experience to find the policy that works best for you. If you are interested in purchasing, or have any questions about yacht crew insurance or travel insurance, please contact us at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com.

From today, professional yacht crew anywhere in the world will be able to access 24-hour support via Yacht Crew Help, a new helpline launched by the International Seafarers’ Welfare and Assistance Network (ISWAN).

Despite the many benefits of working on board a superyacht, the challenges of working away from home for long periods and living in close quarters with colleagues can become overwhelming. In a 2018 survey of superyacht crew, ISWAN found that 82% of superyacht crew experienced low crew morale sometimes, often or always, and 55% of female respondents found accessing mental health care to be an occasional or regular challenge.

Prompted by these findings, ISWAN set up a steering group of representatives from across the superyacht industry and collaborated to develop Yacht Crew Help – a free, confidential, multilingual helpline for professional yacht crew. Whatever problem someone is facing, wherever they are in the world, Yacht Crew Help will be available 24 hours a day, 365 days a year, to provide guidance and support. The helpline is run by ISWAN, a charity which promotes the welfare of seafarers working in all sectors of the maritime industry. The helpline officers are trained in counselling skills, suicide risk assessment and providing emotional support to crew all over the world, and the team is connected with a wide range of organisations to help yacht crew find further support.

ISWAN’s Executive Director Roger Harris said: ‘Although the superyacht industry can be glamorous, the demands on crew are very high and living in your workplace away from loved ones can be tough. With Yacht Crew Help, we want to make sure that men and women working on superyachts can easily access the support available to them worldwide whenever they need it – free of charge, day or night. We are incredibly grateful to all of our partners for helping us develop a service tailored to professional yacht crew and their specific needs.’

Captain Brendan O’Shannassy, President of the ISS Captain’s Committee and one of the key members of the Yacht Crew Help steering group, said: ‘The most valuable component of the superyacht industry are the crews. Yacht Crew Help will be key to educating and supporting yacht crew as they strive to deliver the excellence demanded by the industry. ISWAN are a highly credible non-commercial entity to provide this support without crew having any concern of commercial compromise when raising personal concerns.’

Crew members, whether they are currently on board or ashore, can currently contact Yacht Crew Help via three different contact methods:

Telephone: +44 (0)20 3713 7273 (a call back can be requested via the Yacht Crew Help website)

E-mail: help@yachtcrewhelp.org

Live Chat: via www.yachtcrewhelp.org

A range of information, guidance and resources on issues affecting yacht crew is available on the Yacht Crew Help website at www.yachtcrewhelp.org, including mental health and wellbeing, bullying and harassment, sexual assault, substance misuse and employment concerns.

Yacht Crew Help would not be possible without the support and guidance of a number of key companies and organisations: Y.CO (Official yachting partner); Bond Technology Management & Consultancy (Primary partner); Burgess (Gold sponsor); MYBA (Gold sponsor); LYBRA (Gold sponsor); The Professional Yachting Association; Nautilus International; wilsonhalligan; MHG Insurance Brokers; United Advisers Marine; Yotspot; AYSS; Yachting Matters; Superyacht Charities; Impact Crew; International Superyacht Society; and Superyacht Services Guide.

For more information about Yacht Crew Help, please contact ISWAN’s Project Manager, Caitlin Vaughan: caitlin.vaughan@iswan.org.uk.

ENDS

NOTES TO EDITORS

International Seafarers' Welfare and Assistance Network (ISWAN): A charity and membership organisation which works to promote and support the welfare of seafarers all over the world. The free, 24-hour, multilingual helpline, SeafarerHelp, is one of the direct welfare services that ISWAN provides to seafarers. Others include relief funds for seafarers and their family members in need and a range of health information resources. ISWAN works with companies, unions, governments, welfare organisations and ports for the implementation of the ILO Maritime Labour Convention, 2006. ISWAN supports those who establish and provide welfare facilities and services in port and on ships. ISWAN is funded by membership subscriptions, grants from foundations, sponsorship and earned income. For more information, visit www.seafarerswelfare.org.

Companies to introduce PYURE air and surface sanitizing hydroxyl technology to Yachts

FORT LAUDERDALE (August 26, 2020) - MHG Insurance Brokers, the marine industry’s crew benefits specialist, and VIKAND SOLUTIONS, LLC, a global, maritime medical operations and healthcare solutions provider, announced their partnership to bring VIKAND’s Health and Hygiene program to the yachting industry. This Health and Hygiene program consists of a 3-pronged approach to reduce and potentially eliminate the threat of COVID-19 onboard, while also promoting the overall health and wellness of crew and guests through air purification technology, medical protocols, and around the clock medical support. VIKAND’s strategy includes:

· Technologies like PYURE are used to suppress COVID-19 and other contaminants which can stay in the air in aerosolized droplets and on surfaces for hours

o PYURE works to actively distribute disinfecting air to kill viruses, bacteria, mold, etc.

o The technology is proven to be effective, safe, green, and energy saving.

o PYURE can create an environment of ultra-clean, crisp air.

· Health & Hygiene Protocols with COVID-19 focus from VIKAND’s Public Health Practice

o Public Health Service support in the installation and management of protocols.

o Advice, education, support, and solutions for preemptive testing and tracking.

· COVID-19 Hotline 24/7 Medical Support by VIKAND’s expert maritime medical staff

o House calls – VIKAND’S medical team reaches out to each vessel monthly.

o Mental wellness support.

“We are delighted to be partnering with MHG,” said Peter Hult, VIKAND CEO. “COVID-19 is on everyone’s mind at the moment and we’re happy to bring the industry a potential solution which helps promote a high degree of health and wellness on board.”

Through this collaborative effort, MHG and VIKAND strive to provide clients and the yacht industry with a cohesive strategy to help mitigate the risk of infection and transfer on board, while providing guests and crew outstanding care, comfort, and support.

“As owners return to their yachts and charters resume, we want to make sure our clients and the industry have access to as many tools as possible to combat COVID-19,” said Andrew Dudzinski, MHG’s Chairman and CEO. “MHG’s primary concern has always been the health and welfare of crew and guests onboard. The VIKAND team is well known to us and we believe their solutions are in line with our initiatives to help clients face this new environment and to continue yachting with enhanced comfort and care.”

About MHG Insurance Brokers

Established in 1991, MHG Insurance Brokers is an independent, global, full-service insurance brokerage and consultative facility with offices in Ft. Lauderdale, the Isle of Man and Hamburg, Germany. Through its extensive relationships with international underwriting markets, MHG develops and provides a full range of employee benefits, risk mitigation programs, property and casualty insurance, and financial services all supported by comprehensive attention to service support for all of our clients. In the marine community, MHG is well known for its expertise in the Maritime Labour Convention (MLC 2006) and developing MLC-aligned crew insurance solutions. For more information about MHG Insurance Brokers and the services we provide, please visit mhginsurance.com

About VIKAND

VIKAND is a Fort Lauderdale, Florida based leading global maritime healthcare and hygiene solutions provider offering a full range of services, technologies, products, and protocols for the safety of crew and guests onboard cruise ships, yachts, and commercial vessels. Solutions encompass 24/7 medical management, consulting, biomedical equipment maintenance and sales, and leading air and surface decontamination solutions.

Choosing insurance for your crew could be a more complicated job than you originally imagined. There is a lot of research to be done, quotes to be reviewed, and conversations to be had when deciding on what the best insurance options are for your crew. After all, crew insurance is not crew insurance, there is not one solution for all. That may not make much sense, but let me explain.

Having your yacht crew covered with proper insurance goes more in depth than having just one kind of insurance, or trying to pick the best price between two policies. There are several different policies that you should consider if you are the decision maker. Whether you are a Yacht Owner, Yacht Captain, or the person who has been delegated the responsibility of selecting the insurance for everyone on board, we are here to help!

Medical/Health Insurance

Medical insurance can speak for itself. Many of us are familiar with it because of the amount of times that we use it. However, there are many different aspects of a plan to consider. What’s the deductible? Is there a co-pay? What about co-insurance? Does it include dental and vision? If you feel overwhelmed, please feel free to contact us for assistance and guidance on what plan would fit your yacht crew best.

Life insurance

While having life insurance is a personal option, there are yachts that include life insurance coverage as part of their benefits package. Offering coverage for your crew may give them some assurance that if anything happens to them while they are at sea, their loved ones will be more able to cope financially back home. Typically, the coverage amount is fixed in increments of $10,000, up to $100,000.

Accidental Death and Dismemberment

Accidental death and dismemberment, also known as AD&D, is very similar to life insurance. The difference is that there is only a benefit from an accidental death, or significant dismembering injury. This type of insurance typically provides coverage 24/7, not just while at work.

Personal Accident

Personal accident is a crucial insurance policy for your crew members. Often times referred to as PA cover, personal accident insurance will pay out a sum of money for permanent injury (and sometimes permanent illness). It is often confused with medical insurance, however it doesn’t provide coverage for any medical bills or doctors’ appointments, it simply provides a one-time payment after experiencing a permanent injury.

Disability Insurance

Disability insurance is a great way to offer coverage for your crew in the event they get hurt and can’t work for a short period of time. Having this policy will cover a percentage of the person’s wages if they are unable to perform their occupation and can last for up to two years due to an injury or illness. If the disabling event becomes permanent, the personal accident (if purchased as above) may kick-in and pay a lump sum. 

Hospital Indemnity

Hospital indemnity insurance at first glance would make you think that it covers hospital visits, however that is not the case. Think of this type of insurance as a poor man’s disability insurance. Depending on the policy, it provides a benefit each day your crew member is in the hospital. For example, if someone was hurt on the job and had to go to the hospital, the insurance would pay that person $100 per day that they are admitted in the hospital. This doesn’t cover their hospital bills, it just provides the person with an added benefit.

Features That Are Not Features

While the above list is not exhaustive of every option and feature, one thing to note is that some insurance providers tout features that do not hold true. For example, there is no such thing as a Maritime Labour Convention (MLC) compliant yacht crew insurance. It sounds good, but it means nothing. Another thing to be wary of is a plan that says ‘unlimited coverage’. Almost always with international policies, there are restrictions and limitations on the benefits such that the ‘unlimited’ part is actually quite ‘limited’.

Having proper insurance is important whether you are at sea, or docked at a shipyard. MHG is your specialized broker when it comes to crew insurance. Our insurance specialists have the knowledge and experience to find the policy that works best for you. If you are interested in purchasing, or have any questions about yacht crew insurance or travel insurance, please contact us at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com. For more information on preparing to work on a yacht, read our previous blog, “Yacht Crew Insurance Terms 101”.

To say that the past couple of months have been stressful would be an understatement. With what is currently going on in the world, stress, depression, anxiety, and other mental health issues have been affecting seemingly everyone to an extent. Fear of the unknown and what tomorrow may hold, loss of jobs and income, closing of schools, and being forced to stay indoors are all factors in what is likely affecting most people. Unfortunately, we are no experts on the trajectory of this pandemic, so we can’t say when or if things will be getting back to normal, but when it comes to your mental health, don’t wait for when or if, do it now!

Your mental health is just as important as your physical health, and with so many factors that may be affecting it out of your control, it is incredibly important to take control of your situation and make the best of it. There are several things you can be doing every day to help you stay strong mentally and keep from experiencing common issues such as anxiety and depression. Now, these tips should not be used instead of prescribed medication, and it is important to mention that if you are finding that nothing is helping you with your issues, to seek medical advice about how you can help yourself.

Meditate

I know what you are thinking, not everyone can sit in a quiet room for an extended time with the kids home from school and having to help them with their online studies, but it is important for you to be able to be alone with your thoughts. According to Everyday Health, “research suggests even brief meditation sessions can make a difference in managing stress” Try to take some time for yourself, relax, focus on your breathing, and clear your mind, you will be amazed at how good feel after the fact.

Exercise

While most people think of the physical benefits that exercising can have on your body, not many think of the mental benefits too! When you exercise, your body naturally releases hormones that make you feel good. In addition to the natural feeling, exercising will make you feel better about yourself, whether accomplishing a goal, looking better in the mirror, or just feeling better overall, having daily physical activity is crucial to your overall mental health. Exercise can directly impact depression and anxiety, as stated in this article from the Help Guide, a good place to visit for tips and help with mental wellness.

Sleep

Sleep is something that most people don’t get enough of. How many hours do you sleep every night? Did you know that during sleep is when your body recovers and heals itself? Maybe if you thought of it that way, you would make sure you got a full night! In fact, this recent Harvard study talks about how sleep deprivation and sleep disruption can negatively impact your mental health.

Go Outside

Many of us are stuck at home and forced to stay indoors, but if you are able to go outside, take advantage! Vitamin D is great for your overall health! Take a walk around your neighborhood or relax in the backyard. Catch some rays and let nature help brighten you up. Research even shows the positive impact of outdoor activity on your overall mental health. Read more about it here!

Stay Busy

If you are staying home through all of this, and find yourself bored, find something to do to keep yourself busy! Whether reading books, working on home projects, doing some spring cleaning, or taking this time to work on you, it is important to stay busy, and keep your focus on something.

Mental Health and Wellness is important for everyone, especially if you are a seafarer who may not have access to the help and assistance programs that those who aren’t at sea do. If you are a seafarer and need some help, check out SeafarerHelp, a free, confidential, multilingual helpline for seafarers and their families, available 24 hours per day, 365 days per year!

With the spread of COVID-19 causing global concern, rest assured that all of us at MHG are here and ready to answer your insurance questions and concerns relating to the virus. For specific information on how COVID-19 affects your insurance coverage, please call us or visit your insurance carrier’s website.

If you are not working in the insurance industry, there is a good chance that insurance lingo can provide you with some head scratchers. Words and terms that we don’t use in everyday life can leave people feeling confused. So, we thought it would be helpful to put together a list of terms that we find ourselves explaining frequently. Hopefully this list will give you a better understanding of healthcare in general and be able to assist you when purchasing your future plans from the healthcare marketplace.

· Annual Maximum and/or Policy Maximum - The maximum amount that an insurance policy will pay for covered medical expenses. The amount can be different depending on the policy chosen.

· Coinsurance - The percentage of covered medical costs that you pay after you have met your deductible.

· Copayment or Copay - A fixed dollar amount that you pay directly to your doctor or physician, hospital, or other medical provider (doctor visit or CT scan) at the time of service.

· Cost-Sharing - Determines how much you will pay and how much your insurance plan will cover. Various parts include deductible, copay, and coinsurance.

· Deductible - The amount that you will have to pay out of pocket each year before your insurance plan begins to pay. Some benefits are not subject to the deductible.

· Emergency Evacuation – Transport of the insured person in the event of a life or limb threatening injury or illness which requires treatment at a different location.

· In-Network - Providers that are members of the approved network for your plan.

· Out-of-Network – Any provider that is not a member of the approved network for your plan.

· Out of Pocket Maximum - The maximum you pay during a policy year before your health insurance plan starts to pay 100% for all covered benefits.

· Pre-certification - Contacting your insurance provider for approval before having specific procedures. This process, as well as which procedures require it, can be different depending on your policy.

· Pre-existing Health Condition - An illness, injury, or condition, you had before joining a health insurance plan. All ACA compliant plans cover pre-existing conditions without a waiting period.

· Preferred Provider Organization (PPO) - A plan that allows you to go to any provider that you choose, however insurance pays less for providers that are not in your network.

· Provider - A person or company that provides health care service to you such as a doctor, hospital, urgent care, minute clinic, lab, pharmacy, etc.

· Provider Network - A group of providers with specific agreements to honor a particular health insurance plan or plans.

· Repatriation - A person returning to their home country or place of citizenship.

If you have any more questions about yacht crew insurance terms, please feel free to ask us or comment below! Having proper insurance is important whether you are at sea or docked at a shipyard. MHG is your specialized broker when it comes to crew insurance. Our insurance specialists have the knowledge and experience to find the policy that works best for you. If you are interested in purchasing, or have any questions about yacht crew insurance or travel insurance, please contact us at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com. For more information on why service is so important, read our previous blog, “Yacht Crew Case Study: Customer Service Can Be Life Saving”.

The beginning of a new era is here, the start of another decade. Which each era comes change, advancement, and a new way of approaching and thinking about issues. That’s the case in every industry, including the marine industry. Over the next decade, there will be new trends in the marine industry that mirror the rest of society, but also that are unique to the marine industry. After some careful thoughts, here are some of the trends that we can expect, in addition to changes that are needed.

Mental Health

One of the biggest topics of conversation over recent years is mental health, and the importance of proper treatment and coverage. Mental Health is also a hot topic in the marine industry, after recent surveys have discovered the amount of crew members that struggle with mental health issues. Something that needs to change in the next decade, sooner than later, is the addressing of mental health in the marine industry. Crew members are often left in isolation, or live in close quarters while working long hours, and are constantly in high stress situations. Some organizations have already begun to step in and offer a helping hand. The International Seafarers’ Welfare and Assistance Network (ISWAN) have already developed SeafarerHelp, a free, confidential, multilingual helpline for seafarers and their families available 24 hours a day, 365 days per year.

Equal Representation

The next decade is going to result in more women being properly represented across all industries. Women have always been key members of the marine industry, but proper advancement hasn’t been the same for everyone. Another trend that is likely over the next decade is having more women in high- level positions such as Captains and Chief Officers. In the US, data is indicating that women have now surpassed men as a total percentage of the workforce, but when it comes to holding high level positions, there is plenty of room for growth for women.

Technology

No one believed that we would have the whole world in our pocket 20 years ago, and today we have that and then some. Technology is making advancements all around us, so why expect in different in the marine industry? Ships that run on Liquid Natural Gas have already begun production, so one would expect that would eventually make its way to yachting too. A fuel that burns more efficiently and is better for the environment? Where do we sign-up?

There will be other trends to come revolving around technology to come that will require crew members to have specialized training in order to keep their positions, or possibly even new positions that don’t even exist just yet.

Environmental Efforts

Climate change has been a constant topic over the past decade, and it will only be even more of a topic over the next decade as we begin to experience some potential issues. As sea levels rise, changes will need to be made across the world when it comes to shipyards and docks. Coral bleaching is another issue that may affect the industry as top destinations begin to lose their allure.

One can expect the environmental efforts to go to another level to save the one thing that we all have in common no matter what sector of the marine industry to find yourself in, the oceans!

Having proper insurance is important in every aspect of life. Whether you are at sea needing international coverage, looking for proper life insurance coverage, going on a vacation, etc. MHG is your specialized broker. Our insurance specialists have the knowledge and experience to find the policy that works best for you. If you are interested in purchasing, or have any questions about marine crew insurance, travel insurance, U.S. life and health, expatriate insurance, or property and casualty, please contact us at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com.

Have you ever heard the saying, “You can learn the easy way, or the hard way!” Many say the best way to learn is through experiencing something that will have an impact on you, whether you personally experienced it, or someone close to you did. The important part is that whatever the impact was, it will motivate you to make the right decision. It could have been something bad that made you never want to go through that again, or something good that made you want to have the same result. The following is a case study of two different scenarios of clients who are experiencing the same issue. Both scenarios are handled in different ways, resulting in different outcomes.

Scenario A

A client who takes a proactive approach to their health went in for their regularly scheduled ENG 1. During the screening portion of the physical, the doctor discovered a potentially harmful bacteria. Due to this client’s proactive nature of maintaining their health, the bacteria was caught before it had done any damage and they were able to have successful treatment with antibiotics.

Scenario B

A client who doesn’t like to go to the doctor decided to skip their regularly scheduled ENG 1 because the yacht they were on did not have it as a requirement. Several weeks later, they began experiencing stomach pains, nausea, and vomiting. They didn’t think much of the symptoms they were experiencing, attributing it to a stomach bug. A couple weeks went by and the symptoms continued to get worse. At this point, the client decided it was time to go to the hospital, where doctors discovered a developing stomach ulcer, caused by Helicobacter pylori.

The Diagnosis

Both clients had the same issue, an infection of Helicobacter pylori. Helicobacter pylori is a bacteria that can cause stomach ulcers as well as stomach cancer. Much like Herpes, it is present in many people, 85% of people to be exact, and can go an entire lifetime without causing any issues. Our client from Scenario A was able to notice the infection early enough and have it treated before any symptoms presented themselves. Our client form Scenario B had a different fate that may have been avoided if they had their regular physical exam.

The Cure

Going to the doctor can be a hassle, especially for a yacht crew member who may rarely be onshore to do so. However, getting your check-up is important to decide your overall health, as well as to detect any issues early enough so that something can be done proactively. Get a routine physical each year, even if your yacht doesn’t require you to do so. Otherwise it may be too late by the time you find out you are having an issue, even if you don’t have any symptoms. Having good medical insurance is crucial too because if any issues do arise, you may need costly medical treatment.

For more information on some of the dangers you can experience while docked, read our previous blog, “The Dangers of Being Docked at a Shipyard.” MHG is your specialized broker when it comes to crew insurance. Our insurance specialists have the knowledge and experience to find the policy that works best for you. If you are interested in purchasing, or have any questions about yacht crew insurance or travel insurance, please contact us at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com.

Buying insurance, no matter what type, can be an intimidating and daunting task. For one, there is a ton of tricky lingo, a plethora of different coverages amounts and types, and of course the cost. Unless you are someone who works in the insurance industry, chances are insurance lingo can sometimes sound like a different language, and confusing protocol leaving you wondering what to do next.

However, it doesn’t have to be this way! Follow these 5 easy steps when making any insurance purchasing decision to help ease your mind and make the process as smooth and simple as possible.

What am I trying to protect?

When buying insurance, the first thing you need to ask yourself is “What am I trying to protect?” Are you trying to protect your business? Your health? Your kids? Your assets?

Once you have the answer to that question it will narrow down what you should be looking for. For insurance, If you wanted to protect your business, you would want to consider a General Liability policy, or Marine General Liability depending on the business. Protecting your kids? Look into life insurance.

What is my budget?

Once you know what type of insurance product you are in the market for, next you need to figure out your budget. After all, you don’t want to lapse your policy because you can’t afford it down the line if things become tight down the road, so be smart. Depending on your situation and what you are trying to insure, sit down and figure out what you can realistically afford, and what level of priority is the type of insurance you need.

Who do I know?

One thing that can make the decision easier is to figure out if you know anyone that currently has what are looking to get. If you do, ask them about it. What are the pros and cons? Is there anything they would do differently? Is there anything you need to look out for?

What don’t I know?

As with anything you buy, you should always do your own research. Figure out what products are out there, what pitfalls there are, and anything else that will help you get the best out of what you are buying.

Seek out a reputable broker!

Insurance Brokers often get a bad reputation but using a broker can help you avoid situations like this. For one, the majority of brokers are well-versed with the ins and outs of the insurance industry and can help you avoid a negative trend that you may otherwise know nothing about. Not to mention, brokers work for you! Brokers typically operate at no extra cost to you as it would be if you went straight to the insurance company to get your plan. If you would like to learn more details of using an insurance broker, read our previous blog, “Why You Should Use an Insurance Broker”.

Having proper insurance is important whether you are looking to protect your business, your loved ones, or yourself! Our insurance specialists have the knowledge and experience to find the type of insurance you are in search of, and policy that works best for you and your budget. If you are interested in purchasing, or have any questions about marine crew insurance, life & health insurance, travel insurance, expatriate insurance, property & casualty insurance, or ocean marine insurance, please contact us at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com.

The promise of an amazing benefit is great, but what happens when you try to use that benefit and experience resistance? That seems to be happening more and more when it comes to low-cost insurance plans. When buying insurance, a person is buying an intangible promise. With that mindset, one can see why low-cost insurance is rarely ever low-cost.

Can’t Have Good, Quick, and Cheap

Ever hear the saying you can’t have your cake and eat it to? Typically, with anything in life, you get what you pay for. Consumers are constantly trying to save money any way they can on products or services they buy. However, depending on the product or service, a good “deal” can quickly turn into an absolute nightmare. Low-cost insurance plans are no different. Consumers can expect to receive delayed quotes, slow service, claims issues, and that’s just the tip of the iceberg.

You’ll Pay for It Later

Saving money on premium doesn’t always mean that you’re saving money overall! Many times, those who opt for cheaper insurance end up paying more in the long run because of a lack of coverage that was unknown to them when trying to use their insurance, or even worse, no coverage at all. Imagine being involved in an emergency situation that ends up with you being in the hospital, the last thing you want to be worrying about in that moment is being stuck with the entire hospital bill which could end up being tens of thousands of dollars.

Possibility of No Service

One trend that has popped up as of late are insurance companies offering cheap plans to grow their business. However, businesses can’t afford to continue to operate on low margins, so the customers are the ones who end up suffering. Having a plan with great benefits, but no service when actually trying to use it results in disappointment for the consumer.

Consumers vs. Insurance Companies

Insurance companies are usually very large, so going toe to toe with one is no easy task if you have a dispute with the plan that you have purchased. Even if the consumer is completely in the right about a particular claim or situation, the costs and time involved can be substantial. It is for this reason that you really need to do your research and choose the best plan for your needs, not just the cheapest.

Use a Broker!

Insurance Brokers often get a bad reputation but using a broker can help you avoid situations like this. For one, the majority of brokers are well-versed with the ins and outs of the insurance industry and can help you avoid a negative trend that you may otherwise know nothing about. Not to mention, brokers work for you! Brokers typically operate at no extra cost to you as it would be if you went straight to the insurance company to get your plan. If you would like to learn more details of using an insurance broker, read our previous blog, “Why You Should Use an Insurance Broker”.

Having proper insurance is important in every aspect of life. Whether you are at sea needing international coverage, looking for proper life insurance coverage, going on a vacation, etc. MHG is your specialized broker. Our insurance specialists have the knowledge and experience to find the policy that works best for you. If you are interested in purchasing, or have any questions about marine crew insurance, travel insurance, U.S. life and health, expatriate insurance, or property and casualty, please contact us at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com.