One trend that comes and goes over the years is insurance companies offering cheap plans to grow their business. However, businesses can’t afford to continue to operate on low (or negative) margins, so the customers are the ones who end up suffering. Low-cost insurance rarely ever means low cost in the long run. It seems to happen more and more, insurance companies offering lower cost insurance, but when customers go to use their benefits, the struggle begins. Insurance is an intangible product, which means one must put trust into it. So, when promises aren’t kept, or proper due diligence isn’t followed, you can see why low-cost insurance is rarely ever low-cost.

Pick Two

Good, quick, and cheap. It’s impossible to have all three. Often, the one that gets sacrificed unknowingly is good, as people value their time and money. Therefore, when it comes to trying to save money on insurance, one can expect to receive delayed quotes, slower service, claims issues, just to name a few. Saving time and money now, very well could cost you a lot of time and money when it comes time to use your policy.

Save Now, Pay Later

Now it’s time to get to the nitty gritty on how a low-cost insurance policy will cost you later. The main reason, 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. Picture yourself being involved in an emergency situation that ends up with you being in the hospital requiring medical attention. The last thing you want to worry about in that scenario is being on the hook for the entire hospital bill which could end up being tens of thousands, if not hundreds of thousands of dollars.

David vs. Goliath

“If I don’t receive the benefits that were in writing, I can always hire a lawyer!” While this is true, 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.

The Benefit of a Broker!

Insurance Brokers often get a bad reputation but using a reputable insurance 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, just as it would be if you went straight to the insurance company to get your plan. Only with a broker, you have someone else working on your behalf.

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, please contact us at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com.

Making a decision on behalf of a group of people can be a difficult task. The pressure of making everyone happy tends to be a challenge no matter what the decision pertains to. So, making a decision for a group when it comes to their healthcare and wellbeing, the stakes get raised. We know how hard the process can be trying to decide a yacht crew insurance plan for an entire group, when each individual has different wants and needs. That is where we excel, using our experience to navigate benefits, budgets, and stress levels. Use the following points when trying to select a yacht crew insurance plan for your group!

Factors to consider include how many crew will be on the plan, as well as the ages of the crew, and what type of policies you are looking for. You should also be considering plan features such as dental and/or disability, as it is difficult to find and keep good crew members! Call us at 954-828-1819 if you have any questions or would like a quote.

Medical/Health Insurance

Medical insurance speaks 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. Generally, the benefit is 3 times the person’s salary.

Personal Accident

Personal accident is a crucial insurance policy for your crew members. Oftentimes 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, but 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 a 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. 

It’s not easy trying to decide what the best yacht crew insurance benefits plan is for yourself, let alone an entire group of crew members. After all, everyone has different needs and wants, and trying to accommodate everyone so that all parties are happy and satisfied is nearly an impossible task. To start things off, there is a ton of research to be done, quotes to look over, and conversations to be had. That is before getting to the part of trying to address the potential turnover among crews, ever-changing rules, and regulations, and most importantly setting your vessel up to try and attract the top talent out there. Which brings us to our next point, offering a competitive benefits plan can be the key to keeping existing crew members happy ad engaged. Don’t know where to start? That is where we come in!

Medical/Health Insurance

Health or medical insurance can speak for itself. While most people are aware of or have experience with health insurance and what comes with it, there are many different aspects of a plan that needs to be considered. How much is the deductible? Is there a co-pay? What is the co-insurance? Does it include dental, vision, and/or disability? Feeling overwhelmed? Please feel free to contact us for assistance and guidance on what plan would fit your yacht crew best.

Life insurance

While most people may consider life insurance as a personal option, there are a growing number of yachts that are including life insurance coverage as a part of their overall benefits package. Offering coverage for your crew can give them some assurance that if anything happens to them while they are at sea, their loved ones will better protected 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 dismembering injury. This type of insurance typically provides coverage 24/7, not just while at work.

Personal Accident

Personal accident is similar to dismemberment coverage and is an important insurance policy for your crew members. Often 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 or illness.

Temporary Disability Insurance

Temporary Disability insurance is a great way to offer coverage for your crew in the event they get hurt and cannot 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 were 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 does not 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 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. 

Special jobs require special insurance, and that couldn’t be more true when it comes to choosing the insurance for your crew. Having your yacht crew covered with proper insurance goes deeper than selecting a good policy for everyone or trying to save money here and there. As you may know, there is often a lot of turnover among crews, which also bring added costs and expenses. According to Superyacht News Each time a lower-rank crew member leaves, it costs the yacht owner up to €5,000, even €10,000. With officers, it can easily get up to €20,000 in flights, paperwork, specific boat training, safety drills, uniforms, ‘lost’ inventories, mistakes and breakage.

Offering a competitive benefits package could be a way to keep crew members happy and engaged. 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

Health or medical insurance can speak for itself. While most people are familiar with having health insurance or what comes with it, 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 many consider life insurance as a personal option, there are a growing number of yachts that are including 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 dismembering injury. This type of insurance typically provides coverage 24/7, not just while at work.

Personal Accident

Personal accident is similar to dismemberment coverage and is an important insurance policy for your crew members. Often 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 or illness.

Disability Insurance

Disability insurance is a great way to offer coverage for your crew in the event they get hurt and cannot 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 were 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 does not 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 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. 

In case you have not heard, this year marks MHG’s 30^th anniversary! As a result of that, it is natural to do some reflection and part of that is focusing on what has made and continues to make MHG so special.

What sets MHG apart from other brokers?

MHG is one of the leading companies to push for crew benefits across both the yachting and cruise industries. 30 years ago, the marine industry started to boom, and MHG has been there from the beginning championing the wellbeing and livelihoods of crew members around the globe. So really and truly, MHG is more than an insurance broker, we are a wellness company!

With our growth in the industry and MHG becoming more and more diverse, MHG also began to offer other areas over coverage such as liability and casualty, travel, and life.

What are common mistakes other brokers make?

A good insurance broker is an asset, not a hurdle. Brokers get a bad reputation, no matter what industry they are in. Part of that is the notion that they are in it for themselves. When it comes to MHG, that could not be further than truth, we pride ourselves on working for you, not the insurance company. If more brokers operated that way, the way they are supposed to, they would be viewed much differently.

What is the best piece of advice you could give to a potential client?

Take your time and do your research. Find a broker who is knowledgeable about the specific type(s) of insurance you need. Follow the broker’s advice, which should not always be to buy the cheapest or most expensive policy. In fact, cost alone should never be the deciding factor when choosing any insurance policy.

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.

Most professions will have times of the year when there is a busy time and a slow time, that is no different for yacht crew. However, just because you may be headed to the off-season, that does not mean you should not stay busy.

How Can Crew Make the Most of the Off-Season?

If you are between yachts or just have some down time due to the yacht not being used as much, it is important to use the available time in your favor. First off, try making a checklist of things you would like to accomplish with your time. Whether there are tasks you need to complete to advance your career, or just some personal items, try your best to stay organized and on top of things.

Stay Within the Industry

The yachting industry is worldwide, yet it is still a small industry in terms of players. Therefore, if you are not participating in the industry, it is much easier for an opportunity to go to another person. Stay involved and stay connected to the best of your abilities.

Keep Licenses Up to Date

Keep up on any licensing renewals that you may need to take care of, and that includes your ENG 1. If you are looking to move up, taking courses that improve your skills or certifications is also a great way to make use of any spare time. Most professions require people to work and take classes at the same time, so it is highly recommended to make use of any growth opportunities!

Take Care of You

Down time is a great time to re-evaluate your health habits. Do you eat right? Do you exercise regularly? Do you have a healthy stress outlet? This is a great time to assess how well you are taking care of your personal health and wellbeing. It is a lot easier to create new and healthy habits when you are not under stress and high workloads like when you are on back-to-back charters or Owners trips.

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. 

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.