A new year is upon us, which means that many of you are planning out the year ahead and have a general idea of your goals and targets. But one area you may not have considered thinking about is your insurance. More specifically, how using a broker can help you!

Time and time again, we come across people who have the wrong idea of what an insurance broker is and why they are actually advantageous to the consumer. So, how can using a broker help you have a successful year, you might ask? Simple, we work for you! Think of us as another employee or someone you have contracted to work to get you the best coverage, the best price, and continue to work on your behalf all the way through any potential claims. It is important to take the time to find a quality, reputable broker to work with you in fulfilling your insurance needs. Not only will it be time well spent in the beginning when finding a plan, but it will also serve you well for the entire time that you have private health insurance needs, on a yacht or wherever your travels may take you.

What Does a Broker Actually Do That You Cannot Do Yourselves?

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.

But What About Costs?

Have you ever heard the saying, “brokers make you broker”? That saying could not be further from the truth. 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 judgment of a good broker to recommend whatever policy is most appropriate to the situation as presented by you, the client. At the end of the day, utilizing an expert for the same price as doing everything yourself can only have a positive impact on your bottom-line.

Brokers Can Offer More of a Selection

One benefit of an insurance broker is the selection of policies and plans. Typically, brokers can help you select insurance from a variety of different companies. Different insurance companies offer different plans, so having access to plans from multiple companies can afford you the opportunity to find the coverage that fits you best and fits your budget best.

Also, depending on the insurance brokerage they may sell different types of insurance, allowing you to have a one stop solution for all your insurance needs.

Brokers Do Much More Than Sell Insurance

While brokers may act as the middleman between you and the insurance company, they can be so much more than that. An insurance broker will conduct research for you, file and assist you with the claims process, and work to get you the best coverage option for your situation. Often times a broker has direct connections with decision makers at the insurance companies so you may not have to sit on a 1-800 line for a long time, only to learn someone doesn’t have the authority to help you. Brokers also know which carriers provide consistent service, allowing you to avoid companies that may not deliver the level of care that you deserve at time of claim.

We Work for You!

As brokers, we do not work for any insurance company, we work for you! Our goals are to please you, and make sure all your questions and concerns are handled. If you think about it, with all the benefits of using an insurance broker, it is certainly better than just going out and buying a policy from an insurance agent. Will an agent fight for you and your best interests?

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 of coverage such as travel, travel medical and life.

As you can see, using an insurance broker offers a number of benefits, from saving you time, money, stress, etc., helping you focus on your upcoming year ahead. Are you interested in working with an insurance broker to help you achieve your goals? Contact MHG today! Give us a call at 954-828-1819, or visit mhginsurance.com.

What is trip cancellation and interruption insurance?

Trip cancellation and interruption insurance, also known as just trip cancellation insurance, is an insurance policy that protects your investment if your trip is cancelled or interrupted. It is geared toward extravagant and luxury vacations. While trip cancellation includes medical coverage, it differs from travel insurance, which provides international medical insurance coverage for when you are traveling abroad, outside of your home country.

What is the difference between trip cancellation and yacht charter cancellation?

Trip cancellation and interruption insurance, and yacht charter cancellation insurance are the same thing. It just happens to be that yacht charter cancellation insurance is designed to offer coverage for yacht charterers, so the policy will behave the same way as a trip cancellation policy.

What is covered by trip cancellation and interruption insurance?

A good trip cancellation insurance plan should protect you from many issues that may come up causing you to cancel your plans or if your trip is interrupted. 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

· 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

Why you need trip cancellation insurance

The cost of vacations is going up, as people continue to plan trips and get out of their routines after being on “lockdown” for the past couple years. In a recent Forbes article, Adobe Analytics was quoted that, “Prices have risen a staggering 47% since January,” in terms of airfare alone. Not only are prices going up due to a number of reasons, but people are also willingly spending more on vacations since they haven’t been able to go anywhere. Which means, potentially more money to lose if something gets in the way of your plans!

Plan for what’s not on the itinerary. 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.

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, its 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 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 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!

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.

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.

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 t 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.

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

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

What am I trying to protect?

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

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

What is my budget?

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

Who do I know?

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

What don’t I know?

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

Seek out a reputable broker!

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

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

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

Can’t Have Good, Quick, and Cheap

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

You’ll Pay for It Later

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

Possibility of No Service

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

Consumers vs. Insurance Companies

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

Use a Broker!

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

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

Let’s face it, traveling for business can be stressful. From packing and putting the final touches on your presentation, to worrying if you’ll make your meeting on time, there is a list a mile long of different scenarios, to-dos, and unexpected events that are sure to raise anyone’s blood pressure! Travelling internationally can add an additional layer of stress as well! With so many things on your mind, the last thing you need to worry about is uncertain travel details and what-ifs. Having a proper travel insurance plan can help ease that stress and let you focus on having a successful meeting.

The Unknown

People traveling abroad for business should have a good travel insurance plan for many reasons, especially for the unknown. Emergencies can happen anywhere, anytime, and most of the time there is no way to prepare for them, especially when you’re out of the country. Suppose you get into an accident and need emergency medical attention? Maybe second nature made you drive on the wrong side of the road, not being used to the driving laws of another country.

There are many other scenarios that can happen requiring emergency medical attention. Obviously, this is just one reason to get travel insurance no matter if you are traveling for business or leisure. Another unknown factor that you cannot prepare for, yet is very common when traveling abroad, is food poisoning. Food poisoning, unclean water, parasites, and changes in diet make gastrointestinal issues one of the most common medical threats that travelers face. Without travel insurance in place, expenses for treatment can be costly.

Trip Cancellation

It could be a waste of money if you don’t have travel insurance with trip cancellation coverage. For those that think it doesn’t happen, what if there was an unexpected storm that cancelled your flight? There are a plethora of reasons that a trip can be cancelled, and not many reasons why you shouldn’t have coverage for it, even for business trips.

24 Hour Assistance

Being in a foreign country can bring a lot of questions. Not knowing where to go, who to talk to, how to talk to them, etc. Having a 24/7 assistance line can give you peace of mind, once again letting you focus on your work, which is the most important part of a business trip. Also, many times when people travel for business, they are traveling alone. Knowing that you have someone to back you up and be there for you when in a foreign place can make things much easier on your mind as well.

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! If you have any questions about your travel insurance plan, or are interested in purchasing 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!