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ODIN1FORT LAUDERDALE, FL (July 3, 2018) – MHG Insurance Brokers announced today that Odin Bujeiro has joined the company’s IT Department as a Programmer. In this role, Bujeiro will develop, test, troubleshoot, and deploy solutions for MHG’s CRM System and web portal.

Bujeiro joins MHG with more than 20 years of experience as a programmer. Bujeiro previously worked as a Software Developer for a company specializing in vacation awards and incentives for the hospitality industry and more recently, as a Senior Software Engineer for a GPS tracking solutions company.

“Odin is a talented programmer and his skills are much needed as MHG continues to grow,” said Kevin Knorr, MHG’s IT Director. “His extensive knowledge and experience will only benefit our company and help us run more efficiently.”

MHG Insurance Brokers has been providing insurance guidance and solutions since 1991. The company has established an unrivalled reputation for providing quality insurance products that meet clients’ coverage requirements and budget.

About MHG Insurance Brokers

Established in 1991 in Miami, Florida, MHG Insurance Brokers is an independent, global, full service insurance brokerage and consultative facility. Through its extensive relationships with international underwriting markets, MHG develops and provides a full range of employee benefits, risk mitigation programs, property and casualty insurance and financial services all supported by comprehensive attention to service support for all of our clients. In the marine community, MHG is well known for its expertise in the Maritime Labour Convention (MLC 2006) and developing MLC-aligned crew insurance solutions. In the U.S., MHG provides group and individual employee benefits along with advice on federal regulations regarding the Affordable Care Act. For more information about MHG Insurance Brokers and the services we provide, please visit mhginsurance.com

MHG Insurance Brokers announced today that Odin Bujeiro has joined the company’s IT Department as a Programmer.

yacht crew insurance optionsThere are two words no one ever wants to hear, you’re fired! Those words usually carry a little more sting hearing them from your boss. Being part of a yacht crew and losing your job can make for one mess that most people don’t look forward to cleaning up. Whether you were fired, laid off, quit, or are transitioning to a new job, having health insurance coverage through the process may not be the first thing on your mind. Typically, with loss of employment comes loss of health insurance. Maybe you didn’t realize that you lost your coverage in this process. If that is the case, don’t worry, there are four options you can chose from if you find yourself in this situation. Let’s break them down.

Go Naked

For those that are wondering, “Go Naked” doesn’t mean what you may be thinking. It means to go without insurance coverage, leaving you vulnerable and unprotected, or better yet, naked. We don’t recommend going through any stage of your life without coverage, but there are times when it may make sense. For example, if you lost your job as a part of a yacht crew, and you are going back to your home country, in some scenarios you can go back home to socialized coverage. In countries with socialized care, assuming you have been properly contributing, you’ll have coverage there. Other than that scenario, this option is probably not the one for you.

Elect COBRA (if available)

Some insurance plans, particularly the US based ones, will allow a crewmember to continue their insurance for up to 18 months after loss of employment. However, this is not widespread in yachting so you will need to ask about this option, should you wish to explore it. While the coverage will probably be better than a private plan that can get anywhere else, it unfortunately be probably also quite expensive. This may make it an unattractive option, particularly if you’re unemployed. However, if you have ongoing medical issues, this is an excellent option.

Purchase Travel Insurance

The next insurance option for yachties without a job is to purchase travel insurance. Travel Insurance will typically offer insurance coverage all over the world, which is great for yachties who rarely know where they will be traveling in advance. There are limitations, however. Yes, you may have worldwide coverage, but it doesn’t usually include your home country. That is because travel insurance is designed to offer you coverage outside of your home country, under the assumption that you already have local insurance. It should also be said that is less costly than purchasing a full time insurance plan, partly because it only offers coverage for accidents and illness, not routine check-ups, appointments, etc.

Purchase a Full Time Plan

Your last insurance option is to purchase a full-time insurance plan. This is typically the same type of plan that you had when you were working, however there may be different amounts of coverage depending on what your budget is and what you feel you need coverage for. Also, depending on your previous job, you may not have had to pay for your insurance or only had to pay for a percentage. In this instance, you will be responsible for 100% of payment, but you get to choose the coverage you want. It is also important to mention that the plan will be yours no matter what yacht you’re on.

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. For more information on yacht crew insurance read our previous blog, “Yacht Crew Insurance Terms 101”. If you are interested in purchasing or have any questions about yacht crew insurance or travel insurance, or would like some advice, please contact us at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com. Don’t forget, the Palm Beach International Boat Show is this week, see you there!

Typically, with loss of employment comes loss of health insurance. Don’t worry, there are four options you can chose from if you find yourself in this situation.

657826254Purchasing a Life Insurance policy isn’t something you do every day. The benefits and coverage it can provide for you and your loved ones in the event of a loss is irreplaceable, but with that being said, who wants to plan their “death.” We know this is a very sensitive subject, so we took the time to clear the air of some myths that we have heard about whole life insurance. Since purchasing life insurance can be a little unsettling, we wanted to make sure you are prepared and know exactly what you are getting yourself into, in order for you to make the best decision for you. So here are 5 myths that are associated with Whole Life Insurance.

1. Whole Life is too expensive!

Yes, a whole life premium is considerably more money than that of a term life insurance premium, depending on the value of the policy. However, there are some things to take into account. With term life insurance, you will not accumulate any value, once the term ends, you own nothing. As opposed to a whole life insurance policy, where your premiums will build a cash value that will belong to you at the end of the policy.
Also, another thing to consider is the total cost of a policy over your lifetime. Term is not designed to cover you for life, so when your term expires and you would like to purchase more coverage, the cost will increase. When putting the two types of policies together to compare, whole life is substantially less costly than a life time of premiums for term life insurance.

2. Only your beneficiaries will benefit!

While having life insurance helps protect your family in the event that something happens to you, your beneficiaries aren’t the only ones who benefit. A whole life policy can also be used as an investment option. Many times, you will have access to the policies’ cash value for withdrawals and loans which can be tax free. Also, certain companies will generally pay dividends to policy owners after the first policy year. Many times these dividends can be used to help pay premiums or purchase more permanent increments.

3. It’s a money pit!

One of the things that makes a whole life policy differ from a term policy is the fact that at the end of your policy, many times you will receive the value of your policy. Which can be a great investment decision for your financial portfolio, given the fact that it isn’t correlated to the stock market and mostly guaranteed by the insurer so death benefits and cash values aren’t affected by declining markets.

4. Cash in your policy once you retire!

Back in the day, many people would cash in their life insurance policy when they retired. However, today that is the time when many start to realize the importance of it. Having a whole life policy in your financial strategy could provide you security, financial freedom, as well as a legacy for loved ones.

5. Once you buy Life Insurance, you don’t have to think about it ever again!

Performing maintenance on your policy can save you money. Health changes can sometimes lead to lower premiums. Also, policies with loans and withdrawals, if not managed correctly can hinder some long term provisions and guarantees. Performing regular maintenance may also link your advisors together, which can help build a team around you with strengthened relationships, putting everyone on the same page for your investments, taxes, and your estate.

MHG Insurance Brokers is dedicated to making your Insurance experience as stress free and informative as possible. We have insurance specialists with the experience and knowledge to get the best coverage to fit you, your family, and loved ones. If you are interested in purchasing Life Insurance, have any questions, or need advice, please contact us at 954 828 1819 or visit our website at mhginsurance.com.

We know this is a very sensitive subject, so we took the time to clear the air of some myths that we have heard about whole life insurance.

507498998Just picture it. Looking out the window of a plane, on your way to see some of the most breathtaking sites from 20,000 feet up. You then glance at your significant other to see if they are as excited as you to finally get away from the rat race, and begin planning what you guys will do next. Then, one of you finally remember that this isn’t exactly a honeymoon, the kids are tagging along!

Family vacations create some of our most cherished memories. Ones that we will one day try to create with our own children. From driving across the border, to flying across an ocean, traveling the world is one of life’s most exhilarating activities. Maybe even more so when traveling with children. Follow these do’s and don’ts when traveling with kids in order to make the trip as smooth and stress-free as possible.

Do’s

· Do take your time. Don’t stress out about trying to see and visit everything. Children can get tired quickly, and may not be cut out to be on their feet all day.

· Do keep track of your kids. If traveling with more than one child, regularly count them. Traveling can be very tiring, and easy for a child to run off without you paying attention. Especially if you are rushing to make a connecting flight. It may also be a good idea to “brand” them by writing your phone number on their arm.

· Do ask if the hotel is full. If not, try to reserve a room that doesn’t have any other rooms occupied on either side. This can allow your children to be themselves, and you won’t have to continue telling them to be quiet.

· Do plan for extended downtime. There could be lengthy layovers or delayed flights. Kids can get restless when sitting for an extended period of time. Bring snacks and be prepared to keep them busy with games, books, or other activities.

· Do ask for help. Many hotels and airlines are quite accommodating when it comes to making children comfortable. This can help make your trip more enjoyable, cutting your stress level.

· Do check your travel documents. Make sure your passport is still valid, you have the necessary visas, and that all of your booked dates for flights and hotels are aligned.

Don’ts

· Don’t wait until the last minute to pack. Waiting until the last minute can raise the chances of you forgetting something, or even missing your flight. Also, be prepared for the weather. Pack jackets if it is expected to be cold, raincoats and umbrellas for stormy weather, etc.

· Don’t forget to pack medicine. Getting sick with no relief in sight is a sure way to ruin a trip. Also, check with your pediatrician regarding inoculation and vaccination requirements.

· Don’t let your child roam the hallway of the hotel unattended. Being away from home can multiply the chances your child gets lost.

· Don’t pay for your kids to stay at a hotel. Try to find a hotel that doesn’t charge for kids that are under the age of 12.

· Don’t lose it. If your child has a security blanket, or a favorite stuffed animal, it is a good idea to leave it at home. Don’t risk it getting lost, unless it can be easily replaced.

· Don’t forget travel insurance! Having the proper coverage while on your travels can be the difference between having a great trip, and a major headache. Not only will you not have to worry about medical coverage if something happens to you or your children, but you will have a 24/7 assistance hotline to call in case you get lost, or need help with any other travel arrangements.

If you are interested in purchasing travel insurance, or have any questions or concerns, please contact us at +1 954 828 1819 or +44 (0)1624 678668 or visit us at mhginsurance.com. Our insurance brokers have the experience to assist you in selecting the right plan for you, with the best value.

Family vacations create some of our most cherished memories. Follow these do’s and don’ts when traveling with kids in order to make the trip as smooth and stress-free as possible.

841574382In today’s increasingly litigious society, business owners operate under the constant threat of lawsuits from employees, on a variety of issues. The proliferation of federal, state, and local employment laws has created a plethora of exposures that can leave your business vulnerable to costly litigation. Businesses of all sizes are at risk: whether you are the head of a large corporation or the owner of a small neighborhood company, once you hire your first employee, you expose your company to the possibility of a lawsuit.

An Employment Practices Liability Insurance Policy provides necessary protection for your business.

Employment Practices Liability Insurance (EPLI) protects your business, its directors, officers, and employees, providing coverage for the legal costs and damages associated with claims by current, former, and potential employees for a number of employment-related allegations, including:

  • Wrongful dismissal
  • Sexual harassment
  • Hostile work environment
  • Invasion of privacy
  • Denial of promotion
  • Failure to make partner
  • Age, race, gender, or sexual orientation discrimination
  • Failure to accommodate the needs of the disabled

The number of employment related lawsuits filed each year is rising.

Cases against employers are on the rise. According to the best industry estimate, 3 out of 5 businesses will be sued by an employee. Companies are now vulnerable from the first contact with a potential employee, from the pre-hiring process through the exit interview, even if the potential employee was never hired or was only with the company for a few days.

A single employee can sink your entire company.

No matter how vigilant you are, you cannot monitor every hire, termination, and conversation that takes place in your offices. Any misbehavior by your employees - a careless remark, inappropriate joke, or slightly mishandled termination – can be the basis of a lawsuit with the potential to bankrupt your business. There are steps you can take to minimize exposure, such as requiring attendance at workplace relations training sessions, implementing a zero-tolerance policy for sexual harassment, and establishing formal procedures for hiring, firing, and disciplining employees, but there is no way to ensure your company’s safety.

Defending against discrimination lawsuits, even groundless ones, is expensive.

Legal costs accrue at an incredibly fast rate during business litigation. The average cost to have a meritless lawsuit dismissed is between $10,000 and $15,000. If a slight concern about your company’s possible culpability causes you to agree to a quick settlement, expect expenses of $10,000 to $50,000. Costs rise sharply if there is any merit to the case against your company, with the costs of settlement and defense soaring to $150,000, $200,000, or more. Should your company be served with this type of lawsuit, your EPLI coverage reacts with legal defenses that may be included within or outside of the policy limits and would react to settlements and judgments awarded to the accuser.

Now that you have a better understanding of the many reasons why business owners should consider an Employment Practices Liability Insurance Policy, you can rely on MHG Insurance Brokers to ensure that you and your business are fully protected. The Insurance Specialists at MHG understand that every business is unique. We have the experience and resources to assemble a complete insurance plan that includes all the business insurance policies your company should have, including Commercial Property Insurance, Workers’ Compensation, Business and General Liability Insurance, and more. Call us today at 954-828-1819 or visit us online at mhginsurance.com, and let our Insurance Specialists show you how to protect your business from the expense of costly lawsuits and other risks.  

Businesses of all sizes are at risk: whether you are the head of a large corporation or the owner of a small neighborhood company, once you hire your first employee, you expose your company to the possibility of a lawsuit.

667502658You’re fired! Two words no one wants to hear. Losing your job is a reality that some of us may have to deal with one day, whether we like it or not. The main reaction of someone losing their job is questioning where their income is going to come from. How will I pay the bills? How will I buy food? With careful planning, should that day arise, you would have saved some money and created a safety net for yourself until you land another job. Even with savings set aside to cover the necessities, one thing that is sometimes put on the back burner is a loss of benefits offered by your employer. We have some options you may want to consider.

COBRA/State Continuation

If you loved the coverage that your employer offered, there is good news. You may be able to keep your plan through COBRA continuation coverage. COBRA is a federal law that was implemented to let you pay to keep you and your family on your employer’s health insurance after your employment has been terminated. This applies to employees of companies that employ 20 or more employees. State continuation sometimes called mini Cobra in essence serves the same purpose which is to extend employer coverage after separation. Main difference is Cobra is a federal program while state continuation is mandated by the state. It is good to note that this is only for a limited time, usually a maximum of 18 months. Also, you typically pay a higher premium than the one you were paying while employed because your employer is no longer contributing towards your premium.

Marketplace

If you have lost your job for any reason, whether you were laid-off or you quit, you can buy a plan from the healthcare marketplace. Now I know what you’re thinking, the marketplace is only open during open enrollment. However, losing your job qualifies you for a Special Enrollment Period. This gives you the opportunity to purchase a plan that is acceptable under the Affordable Care Act (ACA), thus keeping you from paying an extra tax/penalty the following year for not having proper insurance. You may also qualify for tax credits and subsidies based on a number of factors.

Short-term Medical Plan

If you lose your job in the middle of the year, you still have some time before open enrollment begins. This will leave a gap in your medical coverage, which not only leaves you unprotected, but also liable to pay the healthcare tax. If you don’t want to purchase an ACA private healthcare plan, you can purchase a short-term medical plan which can give you coverage for up to one year. Though you should know, short-term medical plans do not meet the minimum benefit requirement and will not prevent you from paying a penalty.

Spouse’s Insurance

If your spouse or domestic partner’s company offers health insurance as a benefit, there is a good chance that they offer the same coverage to you. You may have to pay more than they do in order to be on their plan, partly because employers are required by law to cover 50% of the insurance premiums for employees and 0% for spouses even though they may choose to pay more.

MHG has the insurance specialists to advise and assist you in choosing the best health insurance that suits you, your family, or your group. Our team of brokers have the experience to get you the coverage that fits you and your budget. Recently get a nice tax return? Read our previous blog, “What Should I Do With My Tax Return?”. If you are interested in reviewing your health insurance options, please contact us at 954 828 1819 or visit our website at mhginsurance.com

Losing your job is a reality that some of us may have to deal with one day, whether we like it or not. But not many think about their what their insurance options will be, read more!

671763714As has been broadly reported, the French government implemented legislation in 2017 requiring employers of French resident crew to pay into ENIM, the French social system fund for seafarers.

THE ISSUE

Applicable to both commercial and private vessels, the intent of the French government
is reportedly to align seafarers with other French residents in regard to social security
protection. By ratifying MLC, France committed itself to providing its resident seafarers
on commercial vessels with access to all nine branches of social security, yet the reality
is that ENIM is only set up to deal with employers rather than individual seafarers and, as
ENIM have stated to us, only an exceedingly small number of foreign employers have
sought to arrange contributions in respect of their French resident crew, leaving many
others with no way of either paying into or enjoying the benefits of the social system
scheme to which they are entitled. The most publicised case which triggered the
legislation was that of the French crew employed on the Condor Ferries services out of
St. Malo. France has attempted to address that flaw in the system by requiring foreign
employers to pay into ENIM in respect of their French resident crew (with certain
exceptions). An employer who fails to fulfil that obligation risks serious sanctions and it is
doubtful that the French authorities will be understanding of employers simply claiming
ignorance as to the residency of their crew.

THE IMPACT

This legislation has, however, had serious economic consequences for France with the
French shipyards as well as many other businesses which depend on the yachting sector
suffering catastrophic losses of business (compounded by separate issues relating to
VAT on fuel). There is also widespread talk of French resident seafarers being avoided
by yacht employers. In a first attempt to stem the bleeding, an amendment was
implemented in January 2018 which allowed employers to use a private scheme rather
than contribute to ENIM but only if the private scheme provides “equivalent protection”
to that provided by the French social security code. This is, however, of limited help
because the French authorities, including ENIM, are resisting any requests for them to
deem a particular private scheme to be compliant and indeed all indications are that this
will not change in the future. As such, any claims from crew insurance providers that a
particular plan is “compliant” in this context should be treated with a healthy dose of
scepticism and caution! Private international schemes serve an important purpose but
they do have limitations too, some of which risk leading to dissatisfaction in the long-run
amongst seafarers relying on them as a stand-alone solution rather than in combination
with a home country social system.

PRACTICAL APPLICATION

Much of the concern surrounding this issue has focused on the fear of port state control
inspections. With limited resources, it seems highly unlikely to us that port state control
inspections will in fact present the greatest risk of unwanted attention by the authorities
in this regard. If an inspector finds a properly maintained Maritime Labour Certificate and
DMLC, it is questionable whether they will be digging any further than that unless there
has been a complaint from a seafarer and that, in fact, is where we see a far greater risk.
So, while it is worth considering carrying a Maritime Labour Certificate and DMLC even if
not required to do so (e.g. the vessel is under 500gt), even more importantly it would be
advisable for employers to ask their seafarers to state their country ties and document
those answers. This could be as brief as asking the seafarer to state their country of
residence but could also encompass other ties such as the repatriation destination and
the country of the bank account to which the salary is being paid. The seafarer should be
required to notify the employer in the event of changes to this information. Where the
answers indicate that the seafarer may be a French resident, advice can be sought and
contributions to ENIM can be arranged if appropriate. Where the answers do not
indicate French residency, the employer now has back-up documentation showing good
faith in the event of the seafarer later seeking to claim that the employer has failed to
arrange the necessary contributions to ENIM. We understand that some employers are
already requiring their seafarers to answer such questions.

WHAT’S NEXT

The French social system rules themselves do talk of the concepts of “stable” and
“regular” residence in France, “stable” meaning that it is continuous for three months or
more (to be documented by, for example, confirmation of rent payments, electricity
bills, phone bills etc.) while “regular” is a requirement for non-EU citizens and means that
the individual must have an appropriate “titre de séjour”. British crew working on a
foreign (non-EU) flagged vessel but living in shore-based accommodation in France are
the sort of situation that does need to be more fully understood on an individual basis
in order to minimise the risk of problems and again a questionnaire about country ties
can help with this.

CONTACT

Looking forward, further developments are expected to try to curb the unintended
consequences to the French economy and seafarers. Meanwhile, any other countries
trying to figure out how to fulfil their social security obligations under MLC will no doubt
be watching carefully in an effort to avoid similar challenges.

For more information, please contact Peter Dudzinski at peterd@mhginsurance.eu or
Mark Bononi at markb@mhginsurance.com.

As has been broadly reported, the French government implemented legislation in 2017 requiring employers of French resident crew to pay into ENIM, the French social system fund for seafarers.

626461282Whether 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. Read more!

tax returnIt’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.

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.

657167554Whether it’s the Deckhand that sustained serious head trauma from a motorcycle accident while ashore on boat’s business or the Captain that experienced a severe heart attack while on vacation, MHG has seen a wide array of yacht crew insurance claims over the past 20 plus years. While these examples are tragic and catastrophic, it is also important to be prepared for the more common yacht crew insurance claims that can be less serious but have the potential to keep you off work.

Knee Injuries

Knee injuries are responsible for a large percentage of the insurance claims filed by yachties. Yacht crew perform their duties while balancing on moving decks, which exposes them to an increased risk of incurring a serious knee injury while performing seemingly safe activities. Some of the more adventurous crew leisure activities, such as scuba and other water and winter sports, can result in knee injuries that may not be covered by standard crew insurance policies; make sure your comprehensive yacht crew insurance policy specifically includes coverage for your favorite leisure activities.

Hernia, Back, and Shoulder Injuries

Repetitive strain injuries are often seen in crews on yachts, as they are constantly performing similar tasks in the same small spaces. Hernia, back, and shoulder injuries abound; yacht crewmembers may need to undergo surgery as well as a considerable number of physical therapy sessions in order to make a full recovery from these injuries. Injured crew members may be unable to work for extended periods of time as they undergo physical therapy and rehabilitation. This can leave yacht crew in a financially precarious position unless they have marine disability income insurance in place to provide a significant portion of their salary while they are recuperating.

Gastrointestinal Issues and Other Illnesses

Gastrointestinal issues and regional illnesses are some of the most common medical hazards faced by yacht crews. Food poisoning, unclean water, local parasites, and diet changes can result in serious gastrointestinal issues that can necessitate on-shore doctor visits and even hospital stays. Make certain you have an international health insurance policy from a carrier that has resources to provide information in the particular regions to which you will be traveling and has, or can, establish doctor and hospital relationships, to ensure you have access to qualified care wherever you are in the world. Selecting the right yacht crew insurance plan can be difficult.

The experienced Insurance Specialists at MHG Insurance Brokers will help you sort through the terminology and key features to determine the best plan for your unique circumstances, coverage requirements, and budget. Once you have chosen a policy, we will continue to assist you with questions about the coverage it provides and guide you throughout the claims process.

MHG Insurance Brokers offers a wide range of yacht crew insurance plans including international health insurance, US health insurance, sick pay/disability insurance, life insurance, and travel insurance. Solutions for individuals, groups, and fleets are available. Call MHG Insurance Brokers today at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com to find the yacht crew health insurance plan that perfectly meets your needs.

Be prepared for the more common yacht crew insurance claims that can be less serious but have the potential to keep you off work.