Mega Yacht at anchorCARIIBBEAN LIGHTBOXChoosing 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 atmhginsurance.com. For more information on preparing to work on a yacht, read our previous blog, “Yacht Crew Insurance Terms 101”.

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.

Steel basket carry by cherry picker crane for gang of worker power man, painting man or brush man working in high position, working at risk in dust under mesh sheet protectionWhether you are a boat dealer, marina operator or own a yacht detailing company, you have unique needs and requirements when it comes to liability protection. These requirements help protect your business against any lawsuits stemming from business operations. This is where the decision to obtain a Marine General Liability policy vs. a General Liability policy comes into play.

People may not realize that a General Liability is not adequate to cover their operations; unfortunately, because of numerous exclusions involved in a General Liability policy, the insured may not be covered in the areas needed.

Here are some additional helpful facts and tips about these two policy types:

· Learn the truth about General Liability – Did you know that a generic General Liability policy does not include watercraft coverage, including “the ownership, maintenance, and use of” watercraft owned or operated by you, the insured? Perhaps you would naturally assume this is covered – which brings up the fact that an experienced insurance broker could help you when it comes to the specifics of policy exclusions and/or benefits.

· Who the exclusions affect – Exclusions can affect a wide variety of people, but for the purpose of this post let’s specifically talk about boat dealers, marina operators, etc. If you fall into any of those categories, then you are aware of the frequent operation of watercraft that takes place in your business. Operations, such as employees operating boats, or doing any type of test or demo drives for a customer are also excluded under a General Liability policy. If anything happens during these types of “operations”, you could be left vulnerable and uninsured.

· Another Interesting Exclusion – If you are considering purchasing an unendorsed General Liability policy, consider this: the “care, custody or control” of personal property of others is also excluded, meaning additional operations like boat repair, storing, hauling, fueling, launching and slip rentals are also uncovered.

· Part Installers Beware – Perhaps you are a boat dealer who also installs aftermarket equipment or parts on boats. Unendorsed General Liability policies contain a “your work and product” exclusion, meaning any claim related to the installation of your aftermarket part is also not included.

The bottom line is most General Liability policies exclude any work done on the water or vessels, while specifically obtaining a Marine Liability policy will cover you for damages or liability to a third person engaged in marine operations.

Working with an expert insurance broker, like the brokers at MHG Insurance Brokers, can help you obtain a policy that specifically addresses your needs and is customized to your benefit. Remember, cruise lines and marinas require proof of appropriate insurance coverage before any job can begin, so make sure you have the right policy in hand. To learn more about the advantages of Marine General Liability coverage, contact an MHG broker today by visiting mhginsurance.com or calling 954-828-1819. For more information on filing an MGL claim, read our previous blog, “How to File a Marine General Liability Insurance Claim”.

Whether you are a boat dealer, marina operator or own a yacht detailing company, you have unique needs and requirements when it comes to liability protection.

The Light Head. Silhouette of young woman on sky background with sun in her head.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

Hands of young beautiful woman practicing yoga at homeI 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

Shot of a fit young woman doing yoga at homeWhile 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

Cropped shot of an attractive young woman wearing a sleep mask while lying in bedSleep 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

outdoorsMany 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

Young student watching lesson online and studying from home. Young woman taking notes while looking at computer screen following professor doing math on video call. Latin girl student studying from home and watching teacher explaining math formula on video chat.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 dya, 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.

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!

Closeup side view of black luxury yacht agains blue sky in sunlight with copy spaceIf 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”.

If you are not working in the insurance industry, there is a good chance that insurance lingo can provide you with some head scratchers. So, we thought it would be helpful to put together a list of terms that we find ourselves explaining frequently.

Cropped shot of an unrecognizable young man stretching at homeWith so many of us stuck in our homes, or indoors in general, it can be hard to find the motivation, or even the tools to get a good workout in. For those of us looking to maintain our figure, or even drop some pounds while we are quarantining, it is important to try to stay active. Better yet, it is important for everyone to stay active, as exercising can help with stress, depression, anxiety, and other mental challenges associated with what is currently going on.

Calisthenics are a great way to get into or stay in shape. In fact, many people use calisthenics as their normal exercise routine. By using different exercises to target each muscle group, you can have a full body workout without leaving your home or your yard, in a short amount of time.

1. Upward and Downward Facing Dog- This is a common yoga exercise and is a great way to get your body warmed up before a workout or cooled down following one. Lay flat on the ground face down. Take a deep breath, push your hands against the ground to push your chest up while keeping your legs flat on the ground. Hold the pose for several breathes. On the last exhale, lift your bottom up to form a 90-degree angle with your body while keeping your feet and hands flat on the ground and your head between your arms. Stay in that pose for several breathes. On the last exhale, bend your knees to the floor so that your knees are under your hips and your hands are under your shoulders.

2. Planks- Planks are one of the best exercises you can do to work out your core. Lay face down on the floor. Prop yourself up with your forearms and keep your elbows directly below your shoulder. Remember to keep your body straight. For beginners, try using a straight arm with your hands directly underneath your shoulders.

3. Wall Sits- This is a great way to focus on your lower body as well as your core. Find a wall, then squat down into a sitting position with your back against the wall and your legs in 90-degree angles.

4. Mountain Climbers- Ready to get your heart rate pumping? Mountain climbers are a unique exercise that can get your heart rate up and work out your entire body without needing machinery or a large space to move around. Start in a push-up position and alternate bringing your knees to your chest.

5. Push-ups- This classic exercise focuses on your upper body strength and your core. To work out different muscles doing this exercise, try doing them on an incline and decline as well.

6. Sit-ups/ Crunches- This is another classic exercise that targets your abdominals. To increase difficulty try doing them with your legs up at a 90-degree angle. Or you could try air bike crunches where you alternate touching opposite elbows to knees.

7. Squats and Lunges- This exercise really targets your thighs and your gluteal muscles. Remember to keep your feet shoulder width apart and keep your heels flat on the ground when squatting.

For lunges, step forward with one leg lowering your hips until both legs are bend at 90-degree angles. Make sure your front knee is directly above your ankle and your back knee doesn’t touch the floor. Rotate legs.

8. Leg Lifts- As you may have already noticed, many of these workouts focus on your core, and leg lifts are one of the best ones you can do. Lay flat on your back and lift your feet 6 inches off the ground. For a change you could also try switching your feet from opened to closed every 10 seconds.

9. Burpees- Burpees are a great exercise that workout the whole body and even gets your heart rate up! Stand with your feet shoulder width apart, then bend your knees and lower your body into a squat. Place your hands on the floor and shift your weight onto them, then jump your feet back and get yourself into a plank or pushup positions. Then jump your feet back to land just behind your hands and rise up to jump explosively in the air. Repeat!

10. Tables- Sit down with your hands and feet on the floor. With your arms behind you, prop yourself up by lifting your hips as high as you can, and squeezing your glutes and shoulder blades as hard as you can.

There are several different ways to approach these exercises, you could try doing each one until exhaustion, breaking them up into different repetitions and sets, or a mixture of both. There are a ton of other non-weight exercises you can do; however, everyone is different, and some may find other exercises more successful than others. Try looking up other exercises and make a workout guide that fits you and your needs best.

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.

By using different exercises to target each muscle group, you can have a full body workout without leaving your home or your yard, in a short amount of time.

An abstract image representing a screen with security padlocks on it. Most padlocks are closed and show as blue, representing a secure system. Except one which is open and shows in red, representing an insecure system, breach or intrusion. The image symbolizes an attempt at intrusion on a secure system grid.In this ever-changing world, new threats and risks surface seemingly every day. Can you guess what one of the biggest threats to your business is? It’s not looting, and definitely not slander, it’s Cyber Breach! Years ago, a big topic was identity theft, and people having their credit cards compromised. As those issues are still common today, there is a much larger issue at hand. If a company has a breach, millions of customers could be at risk instantly, whereas before, people had their private information breached one by one. Can we go back to the old days?

Companies have begun investing heavily in security and creating in-house security teams to protect themselves from having their private information hacked. With millions of people affected by cyber breach across the world, it has become a common issue for businesses. According to Forbes, in 2019, personal account information surfaced on the dark web resulting from the data breach of Facebook and Instagram, exposing over 400 million user’s personal information.

How do I know if my business is at risk?

Many people think that a cyber breach can only affect businesses that have online stores, or sell a product or service through a website, however, that is not the case. Your business is at risk if it handles sensitive computer data such as credit card information and bank account numbers. Whether online, or in a computer system, information just isn’t safe anymore. Hackers are able to bypass security software and can get into your company’s servers to access all the information they want, at times getting through the best security available.

Unfortunately, these days having the best security software and team cannot guarantee the safety of your business. Although they are good investments to have, because they can make it quite difficult for a hacker which may make your company less of a target.

How will it affect my business?

A breach can cause an extensive threat to your financial stability. No matter the size of your business, federal law now requires you to notify every one of your customers affected by the breach. You may need to pay for extensive damages across your business. If you are one of the companies that has their business breached it may be necessary to hire a PR firm for damage control, forensic services to find out the extent of the breach and make the necessary security changes, legal services to protect you from individual and class action lawsuits, etc.

Hackers can also gain access to your employee’s information through email, and begin to contact others through that email address. This can create a massive headache for your company. Imagine an executive asking someone within the company for money in an emergency situation. Before you know it, your company just lost tens of thousands of dollars. It is critical to define certain protocols that offer an additional layer of protection. Requests for money transfers should be approved by more than one person and confirmation should be done in a secure manner or in person if possible.

How can I protect my business?

Until a few years ago, there was no insurance available to cover cyber liability. Businesses used Commercial General Liability Insurance to obtain coverage for bodily injury and property damage from accidents on their property or in their business, yet this does not protect them from any of the financial losses that can happen from failure to protect the private information of its customers.

Insurance companies now offer stand-alone policies to protect your business from many of the financial pitfalls that were stated earlier, that come with a cyber breach. Prices for these policies vary. Considering what they are protecting, it is well worth looking into the coverage. The application process can be quite simple depending on the need. Because the insurance company must know many details about spy ware protection, internet usage, etc. it is a good idea to work with your IT team when shopping for Cyber Liability coverage.

If you own a business, and are looking for protection against a cyber breach, MHG Insurance Brokers would be happy to assist you. Also, if you are looking to purchase other various forms of Property & Casualty Insurance such as General Liability or Professional Liability, our insurance specialists have the experience to assist your business and offer advice in finding the perfect plan to fit all of its needs. Contact MHG Insurance Brokers today at +1 954-828-1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com.

Can you guess what one of the biggest threats to your business is? It’s not looting, and definitely not slander, it’s Cyber Breach!

Working mother with baby daughter communicating on mobile phone while reading an e-mail on the computer.As you may have heard, we are currently experiencing a global pandemic from COVID-19, also known as coronavirus. Across the world, countries and cities are being locked down to help prevent the spread of this virus, forcing many to be laid off or have to work from home, if their job allows. If you are one of the fortunate ones who are able to work from home and are staying home in these unprecedented times, you are doing your community a great service by doing your part to help stop the spread.

Many may think that working from home is easy, however, there are several challenges and issues that can arise, especially when working from home for an extended period, which looks to be the case for many. The following are some tips to better help develop a routine to make the most of your time, and to help limit distractions when working from home.

Get Ready in the Morning

Yes, one of the many benefits people may think of when working from home is that you get to stay in your pajamas all day. While everyone loves to have a lazy day, it is recommended to develop a routine. Try getting ready in the morning as if you were heading into the office. Take a hot shower, brew a cup of joe, or catch up on the latest news. Whatever your routine was before, try to mimic it the best you can.

Dedicate a Space

In addition to developing a solid and healthy routine, it’s important to create a dedicated space for your work. Set up your computer or lap tap, office phone, and whatever other supplies you need in order to creative an effective “home office”. Also, pick some place that will limit distractions, perhaps set up at the dining room table rather than in the living room? Whatever space works best for you, and will help you feel like you are clocking in.

Take Breaks

A lot of people don’t realize how many breaks they take at work, and while many supervisors may not want to hear it, frequent breaks are proven to be imperative for efficient work. Getting up from your desk and going to chat with a colleague or gathering around the water jug is something that you won’t have to opportunity to do. Make a note to take a break every so often. Pick a few times throughout the day to get up and walk around the house. If you have a dog, I’m sure they won’t let you forget to go on a walk.

Keep the Kids Busy

As the majority of schools are closing, you may be working from home with a few added responsibilities. Kids, especially younger ones, require a ton of attention, and it can be hard to get anything done if you are constantly having to keep them occupied and entertained. Try to come up with some activities that will keep them busy and inspire them to entertain themselves. Whether it’s putting on a movie, reading a book, or playing some board games, try to come up with some ideas to help keep them engaged.

Exercise

Last but certainly not least, being stuck inside all day can cause some mental challenges. Ever hear of cabin fever? Depending on where you are and what rules are being instituted in your country or city, go outside for a walk or run and get some physical activity. If you can’t leave your home, come up with an exercise routine for you to do every day. Exercise and physical activity is a great way to help battle the depression or other issues that may arise from being isolated and quarantined, and not to mention, it will only help you and your health!

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.

Many may think that working from home is easy, however, there are several challenges and issues that can arise, especially when working from home for an extended period, which looks to be the case for many.

Shot of a young man going over his finances at homeIt’s everyone’s favorite time of the year, tax season! Filing taxes can be a real pain, but if you are one of the lucky ones who are due to receive a nice check from the IRS, this can be a rewarding time. While having the latest iPad is great, you may come to regret that decision later. Instead of spending your tax return on a new gadget or vacation, try paying yourself. Sometimes bills seem like they are never ending, but one bill that you may come to enjoy paying are those that will pay you down the road. Catch my drift?

Be Forward Thinking

Whether you are established in your career or you are just starting out, you should be thinking about your retirement. Sometimes it can be difficult to put yourself in situations later in life, partly because life can be so unexpected. It just happens. But what some people don’t consider is that when you retire, you won’t have the same income to support your lifestyle. One way to fix that is by saving your money! If you are forward thinking and sacrifice the right amount of money now, what you enjoy now you can enjoy later too!

Get a Jump Start

Is it me or do paychecks seem like they are never enough? While there is a lot more to life than earning a wage, the amount you earn is still important because it determines what you can afford. Having a family is important to a lot of people, however a family can be very expensive. Also waiting until you have a family can feel like it is too late to start, or that you missed your chance to begin planning for retirement. While there is a prime age to begin saving for retirement, don’t ever think it is too late to start if you haven’t. Remember, better late than never.

So if you don’t think you have the funds to save for your future and your retirement, using your tax return to do so may be a smart idea! Another thing to note, once you save your tax return, you may feel more motivated and inclined to continue to do so throughout the year.

What Should I Buy?

· Life Insurance – There are several types of life insurance policies that can set you up nicely later in life. Policies such as Whole Life and Universal Life are ones you should consider.

· Annuity – Depending on the person, an annuity may make more sense than a life insurance policy.

· Combination – The best way may be to do a combination of life insurance and an annuity. Ever hear the saying, “Never put all your eggs in one basket”?

Benefits

The obvious benefit of investing in your future is that you will have income later in life when you decide to “hang them up”. But one benefit that should be considered is one that may be provided by purchasing life insurance. Did you know that if you develop a serious or terminal illness, you could have some of the death benefit value available to you to use while you are still alive for medical bills or whatever you choose. Also, you may have the opportunity to take loans from yourself. Wouldn’t you rather owe yourself money than owe the bank?

It is important to note that MHG Insurance Brokers does not provide tax advice. Speak with a tax advisor if you have any questions regarding your tax filings. For more information regarding what life insurance options are available to you, read our previous blog, “What Are My Life Insurance Options?“ Whether you are purchasing life insurance for the first time, looking for better coverage or are interested in learning more about other types of insurance available to you, we can help! Visit our website at mhginsurance.com or speak with an Insurance Specialist at 954 828 1819.

It's that time of the year, tax season! Instead of using your tax return for the latest fad purchase, use it toward something that will protect your loved ones, life insurance!

Plan Your Summer Vacation Now

Cheerful young family running on the beach with copy space. Happy mother and smiling father with two children, son and daughter, having fun during summer holiday. Playful casual family enjoying playing at beach during vacaton.Yes, it is still considered to be winter, but in the blink of an eye warm weather and sunshine will be here. Which means now is the time to start planning your summer vacation!

Everyone needs time to unwind, disconnect, and truly get away from the day-to-day stresses of life. Taking a trip is one of the best ways to accomplish this, but just because you book your trip doesn’t mean you are off the hook yet.

Travel Checklist

Booking a vacation can be exciting, with the thought of the adventure you are about to take and all the things you are about to see and do. However, while thinking of all the fun, it’s important not to forget the important items you will need to take care of to ensure a safe and happy trip! Use the following checklist to help your planning.

· Passport and visa

o Make sure the expiration date is not during your trip, also bring a copy of your passport for back up purposes

· Flight itinerary

· Immunization documents

· A Full list of all accommodations

o Including addresses and phone numbers from all the locations you will be staying. Also be sure to include this information with a friend or family member who will be staying home.

· Contact information for your country’s embassy or consulate in your destination

· Emergency contacts

o It is smart to keep in touch with loved ones during your trip, checking in every so often.

· Money

o Never have all of your cash in one place. Cash, cards, checks, passport, if you include them all in your day bag, and it happens to be misplaced or stolen, you may be stranded.

· Map of where you will be going, along with a translation dictionary.

Travel Insurance

If you are planning to travel outside of your home country, after booking your vacation, you should be looking at travel insurance to cover you and your family while you are abroad. If you are unsure of where to begin, use the following to help yourself get a grasp of what you may be in need of.

Travel Insurance benefits can vary based on policy or company, so it’s best to review a few different options from a reputable company to see which plan is best for you. A good travel insurance policy should include the following:

· Maximum plan limit of at least $1,000,000.

· Provide coverage in most countries around the world.

· Provide coverage for accidents, illness and the acute onset of a pre-existing condition.

· Emergency air/ground transportation to the nearest qualified hospital.

· 24-hour worldwide emergency assistance.

· Pre-trip health and safety advisories on your destination such as required vaccinations, health risks and travel restrictions, medical monitoring, provider referrals for Western-style medical facilities, medical and dental practices and pharmacies. Other useful services include travel document replacement, lost luggage assistance, emergency travel arrangements and translation services.

· Simple online enrollment.

· Easy claim submission.

Trip Cancellation Insurance

In addition to getting travel insurance to protect you and your loved ones, you should also consider a trip cancellation plan to protect your investment. Since vacations are planned months in advance, it is nearly impossible to predict what may happen to through your plans off the rails. Trip cancellation insurance can offer you a full or partial refund of the money spent on the vacation in the event you need to cancel because of sickness or illness, natural disasters, scheduling conflicts, and more.

Also, using an Insurance Broker can provide with you benefits that you may truly value. An insurance broker will typically work for you, the client, and offer you advice and assistant to getting the best plan possible according to your budget. One reason they may be able to get you better coverage is because they represent several companies as opposed to just one. So, their best interest is in the customer rather than the company. They can also assist you in with any claims you make and work on your behalf.

No matter where your travels take you this summer, don’t forget to protect yourself with a travel insurance plan. It’s important to have proper travel insurance coverage in case of an unexpected emergency while traveling abroad so contact our insurance specialists who have the knowledge and experience to offer advice and help you select the best insurance plan based on your requirements. Call us today at +1 954-828-1819 or +44 (0) 1624 678668 or visit mhginsurance.com. For some important and helpful tips while on your trip, check out our previous blog, “10 Safety Tips for Travelers.” Safe travels!  

Just because you book your summer trip doesn’t mean you are off the hook yet. Read more!

Motorboat racing through the river in sunlightWe often hear the question, “is all boat insurance the same?” The short answer is NO. However, the long answer needs to be addressed so that you know what you’re getting into when it’s time to insure your vessel.

Recreational marine insurance is unlike any other type of insurance. It has often been viewed as the wild wild west of insurance. That sounds fun and alarming! But the reason being is that there are so many factors when it comes to actually covering your vessel, that carriers often change coverage limits. It can be to the point where one carrier’s insurance looks nothing like a different carrier’s insurance. Hence, the topic of this article, to address some of the misinformation going around about recreational marine insurance.

All Marine Insurance is the Same

Saying all marine insurance is the same is like saying all cars are the same. Everyone knows, no 2 cars are alike, you can’t compare a Toyota Corolla with a Cadillac Escalade. That being said, the same applies when it comes to your vessel’s insurance. Buying boat insurance based on reviewing a quote is like buying a car based on the window sticker, without knowing the manufacturer or model of the vehicle. There are a plethora of policies out there, but each one comes with fine print. Typically, the cheaper the policy, the more lapses in cover you will experience, hopefully not the hard way. It’s important to read and review all policy paperwork before selecting a plan.

There are Strict Regulations

While many people believe insurance companies must follow a strict set of guidelines in order to offer policies, that doesn’t apply to every type of insurance. Marine insurance operates unlike most other types of insurance, with carriers being able to almost whatever they want when it comes to amounts, limits, and coverages. Something you may see as a basic coverage that should be included in all policies no matter what, may not be available with another carrier, or even a different policy within the same carrier.

Location Doesn’t Matter

When applying for your vessel’s insurance, you will be required to give more information than just the year and brand of your boat. Insurers require to know the location of your boat as well as different locations require different types of coverage. For example, if you are spending the majority of your time in the Caribbean during hurricane season, that will need to be accounted for.

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.

We often hear the question, “is all boat insurance the same?” The short answer is NO. However, the long answer needs to be addressed so that you know what you’re getting into when it’s time to insure your vessel. Read more!