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. 

First things first, to know how something works, you must know what it is. So, what is trip cancellation insurance?

What is trip cancellation insurance?

Trip Cancellation Insurance is an insurance policy that protects your investment when it comes to a trip being cancelled, including yacht charters. It differs from Travel Insurance, which provides international medical insurance coverage for when you are traveling abroad, outside of your home country. According to ValuePenguin (Lending Tree), 48% of Americans cancelled their summer travel plans due to COVID-19 . While we seem to be trending in a different direction a year later, one cannot ignore the reality that the travel industry may never truly be the same with tighter restrictions, and new rules and regulations making it more difficult to travel.

How does trip cancellation work?

Booking a nice vacation is often not a spur of the moment or spontaneous experience. Typically, trips are booked months in advance, with several scenarios that can happen in that given time to alter your plans, even forcing you to cancel. For example, if you booked yacht charter for $50,000 for your family 6 months in advance of the trip, chances are there are a few nonrefundable expenses you also had to book including airfare, hotel accommodations, activities, etc. One week before you are slated to leave, your wife becomes sick and is unable to travel, therefore forcing you to cancel your plans. Trip cancellation insurance would then reimburse you for the trip, allowing you to put that money back into your bank account or use it for another trip!

What is covered by trip cancellation insurance?

A good trip cancellation insurance plan should protect you from many issues that may come up causing you to cancel your plans. Examples of items typically covered by a good trip cancellation insurance policy include:

· Sickness, injury or death of insured, a family member, a travel companion, a business partner or a child caregiver

· Primary residence or destination being rendered uninhabitable

· Documented theft of passports/visas

· Involved in a merger, job loss or job relocation

· Documented traffic accident

· Unannounced strike

· Inclement weather that causes cessation of services provided by your common carrier

· Mechanical breakdown of the common carrier

· Evacuations due to natural disasters

· Emergency military duty for national disaster

· A terrorist incident

· Revoked military leave

· Bankruptcy or Default of Travel Provider*

· NOAA hurricane warning at destination

· Court order to appear as a witness

· Jury duty

· Quarantine

· Hijack

According to Bankrate, Americans spend an average of $1,979 per person on summer vacations. That amount does not really compare to what it costs to charter a yacht, as that can be tens, sometimes, hundreds of thousands of dollars. No one wants to lose that investment due to an unexpected event, which is why we say, plan for what is not on the itinerary.

Why Yacht Charters?

Given what is currently going on in the world, we are seeing that many people are looking to use yacht charters instead of cruises due to the social distancing implications and overall wellbeing concerns, and being able to limit who they come into contact with, as well as the destinations they are going. With certain locations opening and getting ready for tourists, such as the Bahamas, it's clear to see why this is going to be an attractive alternative in the coming months.

Life is unpredictable and plans often change. One of the basic issues that insurance protects us against is the fact that life is unpredictable. So, while you may not be able to prevent a situation from happening, you can prevent an issue from becoming a worst-case scenario. For more information on the different types of coverage that trip cancellation insurance offers, contact us at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com.

Are you trying to decide what type of insurance plan would best benefit your employee group? Let us help explain some options!

Preferred Provider Organization (PPO) is a type of health insurance plan that operates with a network of participating providers such as primary care physicians (PCP), doctors, and hospitals. Typically, costs are less when associated with providers that are within said network, however you can still use providers outside of the network for an additional cost.

As opposed to a PPO, a Health Maintenance Organization (HMO) is a type of health insurance plan that operates with a network of participating providers, much like a PPO, however there is no coverage offered if you use a provider that is outside of the network.

What is the difference between a PPO and an HMO?

The main difference between a PPO and an HMO is that a PPO offers you more freedom to see the providers you want to, whether they are in your network or not. While a PPO still operates with a network of providers, there is still coverage offered if you choose not to go within network.

What are the benefits of a PPO?

· Flexibility to see a primary care physician you like whether in network or not

· Freedom to see doctors and specialists without the need of a referral, including those out-of-network

Who does a PPO work best for?

While PPOs are considered to be a more luxury option, don’t let that label fool you, according to the Kaiser Family Foundation’s 2019 Health Benefits Survey , PPOs continue to be the most common plan type, enrolling 44% of covered workers in 2019. Even though they are the most common, those who benefit most from these plans would be people with chronic health issues, those that require to see a specialist often, or those who are elderly. Typically, the older you get, the more time you spend at the doctor, which is why a PPO is so appealing to people who frequent doctors, because they get a say in who they get to see. Maybe you are more comfortable with someone, or already have years’ worth of trust and experience with a specialist, sometimes these attributes can be seen as priceless.

Selecting the right Employee Benefits plan for your employees can be a difficult task, but the experienced insurance brokers at MHG are glad to help. Our Insurance Specialists will help you assemble a complete insurance offering that includes health insurance, gap insurance coverage, life insurance, disability, and more. Call us today at 954-828-1819 or visit us online at mhginsurance.com for help in selecting the ideal health insurance plan for your employees.

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.

The working world is ever changing, especially given the events of the past year. While businesses are performing self-analyses to see where they can save money such as working from home, less travel, etc., one area that should be reinvested in is employee benefits!

How much do benefits cost per employee?

There is no one answer to that questions and are based on many factors, however according to the Bureau of Labor Statistics , the average cost of employee benefits for employers in December of 2020 was $12.07 per hour. As you know, there are companies that have extensive packages, and some that offer the bare minimum, so the real questions should be, “How much am I willing to spend on benefits for my employees?”

What benefits are critical?

The short answer, all of them! However, we understand that businesses and companies have a budget, and in order to give a proper recommendation, we would have to understand what your overall goals are, and what you are trying to accomplish. Are you trying to limit employee turnover? Are you trying to attract high level candidates? How much of an investment is it to fully train a new hire? These are just a few questions you can ask yourself in order to get a better understanding of where you currently stand, and how you can potentially improve. After all, the best prospect is an existing client, the same can be said about your employees!

That being said, while health insurance is a given, the other most critical benefit to include in your benefits package is disability insurance. Protecting your employee’s well-being in the event that something happens to keep them from being able to perform their job is increasingly being viewed as a necessity.

What benefits are a bonus?

Something that is pretty cost effective for the benefit it provides to your employees is Group Life Insurance. While most businesses that offer benefits to employees have a well-rounded approach, life insurance is an option that protects more than just your employees, but their loved ones as well. Offering life insurance can definitely be a way to set your business apart from the competition.

How Can I Obtain a Benefits Package for My Employees?

Give us a call! Selecting the right health insurance plan for your employees can be a difficult task, but the experienced insurance brokers at MHG are glad to help you sort through the terminology and key features to determine the best Employee Benefits plan to meet your requirements. Our Insurance Specialists will help you assemble a complete insurance offering that includes health insurance, gap insurance coverage, life insurance, disability, and more. Call us today at 954-828-1819 or visit us online at mhginsurance.com for help in selecting the ideal health insurance plan for you and/or your employees.

What is yacht charter cancellation insurance?

Yacht charter cancellation insurance is similar to trip cancellation insurance as in it is an insurance policy that protects your investment when it comes to a trip being cancelled, however it is focused on a yacht charter rather than another extravagant vacation. It also differs from Travel Insurance, which provides international medical insurance coverage for when you are traveling abroad, outside of your home country. What is covered by yacht charter cancellation insurance?

A good yacht charter cancellation insurance plan should protect you from many issues that may come up causing you to cancel your plans. Examples of items typically covered by a good charter cancellation insurance policy include:

· Sickness, injury or death of insured, a family member, a travel companion, a business partner or a child caregiver

· Primary residence or destination being rendered uninhabitable

· Documented theft of passports/visas

· Involved in a merger, job loss or job relocation

· Documented traffic accident

· Inclement weather that causes cessation of services provided by your common carrier

· Mechanical breakdown of the common carrier

· Evacuations due to natural disasters

· Emergency military duty for national disaster

· A terrorist incident

· NOAA hurricane warning at destination

· Court order to appear as a witness

· Jury duty

· Quarantine

· Hijack

According to CNBC, rates for private crewed yacht charters are generally thought to start around $10,000 . Depending on the size of the yacht, the destinations, and other factors, that amount can increase tenfold. No one wants to lose that investment due to an unexpected event, which is why we say, plan for what is not on the itinerary.

Why focus on yacht charters and not other vacations?

Given what is currently going on in the world, we are seeing that many people are looking to use yacht charters instead of cruises. This is due to the social distancing implications and overall wellbeing concerns and being able to limit who they come into contact with, as well as the destinations they are going. With certain locations opening and getting ready for tourists, such as the Bahamas, it is clear to see why this is going to be an attractive alternative in the coming months.

Life is unpredictable and plans often change. One of the basic issues that insurance protects us against is the fact that life is unpredictable. So, while you may not be able to prevent a situation from happening, you can prevent an issue from becoming a worst-case scenario. For more information on the different types of coverage that trip cancellation insurance offers, contact us at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com.

What is the best age to get life insurance?

There is no right answer when it comes to the right time to purchase life insurance, however one thing will always remain the elephant in the room… your age!

There is a reason that cost of life insurance increases as you get older. As you age, the risk for underlying health issues increases, which impacts life insurance premiums, and could even disqualify you from being able to acquire coverage.

So, to put it simply, the best time to buy life insurance is now!

Who should buy life insurance?

According to Bankrate, There are three groups wo always need life insurance: married couples, people with dependents, and co-business owners. While that is a great model to follow, we feel that everyone should pursue a life insurance policy in order to lock-in rates now, potentially saving thousands by the time someone decides to pursue a policy after having a life changing event.

For example, if you decide to purchase life insurance as a 25 year old and are single with no kids, it can save you thousands of dollars of premium obtaining a policy now rather than waiting until you are 35 and have a family.

When to buy Term Life Insurance?

As you know, term life insurance covers you for a temporary amount of time. One of the biggest factors in determining when to buy a term life policy and is anticipating when and how long others may be dependent on your income.

· Did you just have a child?

· Do you have a mortgage?

These are 2 of the most common reason people elect to purchase a term life insurance policy. Coverage until your child is grown, or until your debt is paid off.

When to buy Permanent Life Insurance?

With a permanent life insurance policy, also known as whole life insurance, the major benefit is that as long as you continue to pay the premium, the coverage remains in force until you die. Another benefit is that you can build tax deferred cash value as your premium contributions collect. While you obviously have a death benefit to cover loss of income, this type of life insurance gives you a benefit that you can use throughout your life depending on how early you purchase a policy.

· Did you just get married?

· Do you co-own a business?

The cash value that you build may be used for any purpose, such as a down payment to purchase a house, money for college, retirement, etc. and there could be tax advantages as well. From a business standpoint, having yourself and your business partner insured can help to continue operations in the event something were to happen to one of you. Perhaps allowing you to buy-out the other persons share of the business; however, these are details that need to be worked out before pursuing a policy.

Do you want to leave more to loved ones? Cover potential loss of income to the household? Then you will need to account for your debts and add more coverage beyond them in order to leave a legacy. Our experts can help you formulate what amount would be best for you in your situation and budget in this case, or any case for that matter. Contact us today at 954 828 1819 or visit us online at mhginsurance.com for a quick and easy quote!

Receiving benefits from your employer is something that all employees appreciate. The question is who is eligible to receive benefits, and when is it required for an employer to offer them.

Who Can Qualify for My Employee Benefits?

There is a short answer and a long answer. The short answer is “eligible employees”. However, there are many different scenarios where more people may qualify.

Eligible Employees

“Eligible employees” which is sometimes defined by the health plan and the group’s employee handbook. Generally speaking, it is full-time employees working at least 30 hours per week. Businesses have no obligation to offer health insurance to part-time employees. However, not every company is required to offer benefits to their full-time employees, but if there are more than 50 full-time workers on the books, then that company is required to offer healthcare benefits, covering 50% of the employee premium of the lowest cost health plan. Some businesses elect to cover even more of the premiums as an additional form of compensation.

Dependents

Per certain rules and laws, eligible dependents are defined as a “qualifying child” or “qualifying spouse or domestic partner”, but premium responsibility is based on the defined employer contribution. To claim a child as a dependent, they must meet the qualifying criteria, which means they must be a certain age, which is based on the selected policy and the home state of the group. An employer is not required to cover the premium of any dependents, and it is typically deducted from the employee’s paycheck. However, some businesses also elect to cover a portion or all of the premium as another additional form of compensation.

Spouse or Partner

In some places, the only way to get health insurance for your partner is if they are your spouse. Depending on the company and the health insurance, you may be able to add someone to your plan if they are your domestic partner. If that scenario applies to you, it’s important to clarify the requirements ahead of time, and ask questions!

Choosing the right Employee Benefits for your team can be a daunting task. However, the knowledgeable insurance brokers at MHG are eager to assist you in understanding the terminology and key features to identify the best employee benefits plan for your needs. Our Insurance Specialists will work with you to create a comprehensive insurance package that encompasses health insurance, gap insurance coverage, life insurance, disability, and more. Contact us today at 954-828-1819 or visit mhginsurance.com for expert guidance in selecting the perfect health insurance plan for you and/or your employees.

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 best travel insurance for international travel?

Are you planning to go on a trip? Chances are you have a whole checklist to finish, including securing the proper coverage for you and/or your loved ones. The issue is, that question isn’t as easy to answer as it may seem. First, there are other questions you need to ask yourself.

Where are you traveling to?

Are you a US resident and traveling within the US? Then you do not need to worry about travel insurance because it is only for when you leave your home country. However, if you are traveling abroad, or if you are a resident of a foreign country traveling to the US, we are here to help!

How often are you traveling?

If you are planning a family vacation once or twice per year, you will be a great candidate for a traditional travel insurance plan. However, if you are taking frequent trips of short duration, it may be worth your while to invest in an annual multi-trip travel insurance plan. Basically, one plan that offers coverage for the whole year. Say goodbye to having to double check that you got your plan secured before every trip and hello to removing an item from your checklist!

What are you traveling for?

There are 2 types of travelers, business and pleasure. What type of traveling are you doing? Are you going on a family vacation? Or are you on your way to a tradeshow for work? The reason it is important to know what type of traveling you are doing is because there are different options to be presented. Of course, there is always an opportunity to purchase a travel insurance policy, however, it may save you money in the long run if your company is willing to purchase an annual multi-trip travel insurance plan to offer as a benefit for employees.

Having proper travel insurance can help to limit your distractions and help you to have an efficient and successful business trip. Maybe having an eased mind will allow you to enjoy some of the sites while you are there, or focus on closing that deal! If you have any questions about your travel insurance plan, are interested in an annual multi-trip plan, or are looking to purchase a travel insurance plan for your next business or leisure trip please contact us at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com. MHG has the insurance specialists to assist and advise you, your loved ones, group, or business, on all of your insurance needs. Safe travels!