698026206When looking at what insurance plan is best for you and your crew, there are the typical thoughts that come to mind. How much is the premium? What is the deductible? Will my primary physician be in network? Yacht crew have a specific set of needs when it comes to their medical insurance plan, even more than just international coverage. What about many of the benefits that may help yacht crew, that aren’t in the insurance contract? Which is why it is so important to get to know the service and support side of yacht crew insurance. The following are several of the different points that you should be thinking about when selecting your yacht crew insurance plan.

Help When You Have a Need

The first point is pretty self-explanatory. Some companies have better customer service than others, whether it is the insurance carrier or the broker. If you don’t work in the insurance industry, it is quite easy to get confused by terminology and policy wording. Even just understanding how your policy works can be a challenge. You want to make sure you are partnering with companies that will be there for you in your time of need, whether guiding you through a medical emergency, or answering a basic question.

Stuck Paying the Entire Medical Bill

One of the more common issues seen across yacht crew insurance is crew members stuck paying for the entire medical bill and then claiming back. The main reason is because yacht crew travel all around the world, making it easy to go to a doctor, or an office, or a hospital that isn’t in your network. This is why it is so important to always ask for assistance before seeking care (especially a potentially higher cost treatment), and having a service minded insurance company can greatly assist.

Top Rated Doctors in Network

A complaint that many have regarding the medical industry is how someone can trust a doctor they know nothing about. This is especially true if you are in a foreign country with a different healthcare system (and possibly a different language!) than your home country. Do they use different practices? Different medicine? One way to combat this issue is by using a carrier that has global knowledge and experience. They may be able to help guide you to doctors who have a higher rate of successful outcomes for the type of care you need, in the area you are located.

24/7 Assistance

Medical emergencies don’t wait, and they don’t only happen during normal office hours. If a crew member is having an emergency at 3 a.m., the last thing you want to hear is a voicemail telling you that someone will contact you during business hours. It is important to make sure your insurance carrier is available and responsive 24/7.

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 the importance of having a proper insurance plan, read our previous blog, “Why Yacht Crew Should have a U.S. Friendly Insurance Plan”.

The following are several of the different points that you should be thinking about when selecting your yacht crew insurance plan.

JACK OKELL 1DOUGLAS, ISLE OF MAN (January 11, 2018) – MHG Insurance Brokers announced today that Jack Okell has been promoted to Analyst. In this newly created position, Jack will reconcile the premium and claims experience for any given account, in addition to providing reports to underwriters in the London market.

Jack was studying Mathematics, Statistics and Physics at Lancaster University in England when he joined MHG as part of the Isle of Man Governments STEP scheme, a program which places Manx undergraduates with local businesses for the summer. Previously, he served as a member of the Army Cadet Force, where he learned self-discipline and the importance of working within a team setting.

“Jack previously worked with MHG as an intern, but it didn’t take long for us to realize his importance and value to our team.” said Cathy Lane, Director of European Operations. “Jack has proven eager to learn and gain experience in any setting, and we are excited to watch and support his growth as he takes on this new role with further responsibility.”

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 and business insurance 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

MHG Insurance Brokers announced today that Jack Okell has been promoted to Analyst.

Doctor holding piggy bankAhhh, what is it about the start of a new year? I guess it’s the opportunity for us to start fresh and leave our old baggage behind. Many of us are thinking about what this new year will have in store. Will we make it big? Will I find the “one”? Can I go to the doctor now? Wait, that last one doesn’t quite seem to fit. Every year, typically on January 1st, many insurance policies “start over”, refreshing deductibles and annual benefit maximums. So, for those of you wondering why insurance should even be on your mind this time of year, let us explain!

With a new calendar year comes the possibility of new insurance benefits such as, vision and dental, to go along with your health insurance. Depending on where you work, and what benefits your company provides, you may have a new benefits package. If you already had these benefits, then the annual benefit maximum will be reset. The annual benefit maximum is important because there are many cases where it can save you money depending on what time of year you visit the doctor or dentist. Let’s use Bobby as an example. Bobby has dental insurance with an annual benefit maximum of $1,000, and since he believes in good oral hygiene he visits the dentist twice a year for cleanings as recommended.

  • Visit 1: Bi-annual cleaning. Insurance covers 100% of this visit, which totals $250.
  • Visit 2: Second bi-annual cleaning. Insurance covers 100% of this visit, which totals $250.
  • Visit 3: Uh-oh! The dentist determines Bobby needs a root canal. Insurance only covers 50% of this visit, which totals $1,000.

If Bobby needs to visit the dentist again within the same calendar year, he will be paying for it out of pocket because his $1,000 annual benefit maximum has been reached ($250+$250+$500=$1,000). So in this situation it may make sense for Bobby to hold out until the following calendar year for his next visit to be covered by insurance. It is important for us to mention that this strategy should NOT be used by everyone.

You should seek medical treatment right away for circumstances that require immediate attention. Emergencies, or issues that can really affect your health should be taken seriously. If you need medical attention, it is better to be safe than trying to save a few bucks! With the new calendar year, it is also a great time to review your health insurance coverage. The implementation of the Affordable Care Act has caused many policies to change. A particular benefit that may have been covered in your policy, may no longer be covered, and vice versa. Also, your network of doctors may have changed as well so it’s important to check to see if your doctor still accepts your insurance before you schedule your next check-up.

Your health and wellness is important to us. Whether you are purchasing health insurancefor the first time, looking for better coverage or are interested in learning more about other types of insurance available to you such as life insurance, we can help! Visit our website at mhginsurance.com or speak with an Insurance Specialist at 954 828 1819.

Every year, typically on January 1st, many insurance policies “start over”, refreshing deductibles and annual benefit maximums. So, for those of you wondering why insurance should even be on your mind this time of year, let us explain!

JESSICA KRAMER 1DOUGLAS, ISLE OF MAN (January 26, 2018) – MHG Insurance Brokers announced today that Jessica Kramer has joined the company as Underwriting and Claims Assistant to provide benefit and claims support to European-based yacht clients.

Prior to joining MHG, Kramer worked in the shipping industry for 12 years, specializing in crew management, payroll, and insurance. Most recently, she worked as a Marine Personnel Officer for a leading global maritime service provider, managing crew on offshore vessels in the North Sea.

“Jessica is an excellent addition to the team” said Cathy Lane, MHG’s European Operations Director. “We’ve been looking for a suitable candidate to step into the Underwriting and Claims Assistant role for quite some time now. We are extremely pleased to have found Jessica. Her experience and personality are a perfect fit.”

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, business 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

MHG Insurance Brokers announced today that Jessica Kramer has joined the company as Underwriting and Claims Assistant to provide benefit and claims support to European-based yacht clients.

Tiffany Rose Tamsberg Brings 10 Years of Insurance Experience to MHG

tiffany tamsbergFort Lauderdale, Florida (December 14, 2017) – MHG Insurance Brokers announced today that Tiffany Rose Tamsberg has joined the company’s Commercial Insurance Division as the Placing Broker. In this newly created position, Tamsberg will be responsible for the coordination of accounts, customer service and claims administration.

Tamsberg joins MHG with 10 years of Commercial Lines experience in South Florida working in various positions within Wholesale, Account & Marketing Management and Construction Risk Management.

“This is a really exciting time for the Commercial Division.” Said Sandra Heminger, MHG’s Commercial Division Manager. “Last year we brought on Conor Hayes for business development and Michelle Rollins as Account Executive. Now with the addition of Tiffany, I think we have a great team in place to provide support to clients and expand our business.”

Tamsberg holds a Bachelor of Business Administration in Marketing and Business Management with a minor in Psychology. Specializing within the Insurance field, Tamsberg also holds a 220 General Lines license, Accredited Adviser in Insurance (AAI) designation and recently received the Construction Risk and Insurance Specialist (CRIS) certification.

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. Most recently, the Commercial Division began offering Tour and Excursion Operators Legal Liability Insurance, a package contingent liability program designed specifically for tour operators seeking to work with the cruise line industry.

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

Tiffany Rose Tamsberg Brings 10 Years of Insurance Experience to MHG

iStock_000021078001_MediumAs we grow older, there are many of us who think back and regret not doing certain things while we were young. There are activities or decisions that we can’t make now because it’s too late, or we don’t have the time or energy. I’m sure many of you are thinking about skydiving or some other thrill seeking adventure, but I’m talking about purchasing life insurance!

While the benefits of having life insurance in your 20’s may not be obvious to all, they are enough for you to consider buying a policy. So if you find yourself asking the question, “Should I Buy Life Insurance in My 20’s?” The answer is YES!

Cost

Similar to health insurance, life insurance premiums are less costly when you are younger, typically because you are less of a “risk.” When in your 20’s, you may be thinking that you don’t need life insurance now, you’ll wait until you get married, or start a family, or buy a house. While all of those are great reasons to get life insurance, you could be costing yourself a few hundred dollars or more per year in premium by waiting. The older you are when buying a policy, the more costly the premiums. Something important to note, many times you lock in that price for the rest of your life.

Health

Most consider younger people to be healthier. While that may not always be the case, insurance companies tend to reflect that outlook in price and requirements. Depending on the face amount, you may not have to go through the extensive physical in order to get insured. Many older people have to go through a full physical and sometimes can be denied coverage. However, if you apply for it early enough, there is a chance that you won’t have to be examined at all and still attain coverage.

Investment

When most people think of life insurance, I doubt they are thinking about it as a financial investment opportunity. But depending on the type of policy, that is exactly one of the benefits it can offer. Whole Life and Universal Life insurance policies are much like savings accounts that you can withdraw money from, essentially taking a loan from yourself.

Also, after a certain amount of time, you can withdraw all of the money without having to pay a penalty. Usually your money will earn an ROI after a certain amount of time. So unlike some life insurance policies, you won’t be putting your money into a “black hole.”

Situational

Every person’s situation is different. Which is why you should evaluate your life when making a decision to purchase life insurance. Being a young person in your 20’s, there is a chance that you don’t have as much disposable income as someone who is a bit more established in their career. Keep in mind that once you become more established, you may wish your younger self had purchased a policy so that you would be paying a lower premium later in life.

Maybe, you could be starting a family, in which case you definitely need life insurance. If you are having trouble deciding which route to go or how much coverage you need, call us. We are here to help!

For more information regarding what life insurance options are available to you, read our previous blog, “What Are My Life Insurance Options?“ If you are interested in purchasing life insurance, or have any questions, we’re here to help! Please contact us today at 954-828-1819 or visit mhginsurance.com. We have the insurance specialists to assist and advise you on the best coverage for you and your loved ones at every stage of life.

If you find yourself asking the question, “Should I Buy Life Insurance in My 20’s?” The answer is YES!

673304934Injuries are unpredictable, and most of us are not equipped or prepared for the implications they can bring. Have you ever lifted something heavy and strained your back? Or missed a step while walking down the stairs causing you to take a ride? That is sure to leave some bumps and bruises! Even worse is when those injuries or a serious illness forces you to miss work for an extended period of time. Health is wealth, and not being able to earn a wage and support yourself and/or your family because of an injury or illness can cause financial hardships. What if there were ways to protect yourself and/or your employees in the event that an unforeseen accident occurs, and they are unable to work? For those that are unaware of the mechanics of a disability income insurance plan, essentially it pays out when a person is unable to work because of a disabling injury or illness. Doesn’t that sound like music to your ears? Before you purchase a plan, there are some things you need to know. Disability insurance can have a variety of different features that you may need to review to see what may fit your needs best.

Structure

Short-term disability, or STD insurance, usually provides a benefit after an elimination period. The period can be as short as 0 to 14 days of being disabled. STD may pay benefits for up to two years, but many pay for three months to a year. Long-term disability insurance, or LTD, would have an elimination period of 30 to 720 days and pay benefits for a year to a lifetime. A benefit period of “To Age 65” is common, but with changing regulations this age could limit could increase as people are working until they are older. The LTD can be designed to start when the STD ends.

Cost

For those who are concerned with the cost of disability insurance, there are options for you. Group disability insurance can be a lower cost option than an individual plan because your employer would pay all or part of the premium. Many employers offer this benefit to their employees. When enrolling for a group plan, there can be 2 different options, contributory and noncontributory.

Contributory is when you sign-up and must contribute to the premium. As you may have guessed, noncontributory is when your employer covers 100% of the premium. Another reason that premiums may be lower for a group versus an individual is because the insurance company is able to spread their risk. Insuring a group of people is less risky than insuring one person. There are also fewer underwriting restrictions for a group than for an individual, partly because groups may have a favorable percentage of people who are considered “good risks.” Some of the price dictators that could affect the price of your premium include percentage of insured wage, the age you select until it stops payment, long-term or short-term, as well as the elimination period (the time between the accident or illness, to the time the plan begins to payout).

Benefits

The benefit of an individual disability policy is that it has “portability.” This means that you can take it with you even if you move or change employers. You can design it to your likes so that it fits all of your needs, such as determining the waiting period and the percentage of wages that it will pay. They can be very flexible. The benefit of an employer having a good disability plan for its employees is raising company morale. It’s proven that employees who feel like they are valued and taken care of will work harder and exercise more loyalty. Also, you will have the peace of mind knowing that if someone was injured or developed a serious illness, they will still receive compensation.

For more information on other benefits that could be available to your employees, read our previous blog, “Tips on How You Can Afford Health Insurance Benefits for Your Employees” MHG Insurance Brokers offer many different insurance solutions for many areas of business. If you are interested in purchasing a disability plan, health insurance, or life insurance, contact us at mhginsurance.com or call us at +1 954 828 1819. Our insurance specialists have the knowledge and experience to assist and guide you to the best coverage for your budget.

Before you purchase a disability plan, there are some things you need to know. Read more!

637902194Good help is hard to find. Everyone has heard different horror stories about coworkers and colleagues from their friends, or even ones they have experienced firsthand. Filling open positions properly within your company can have a great impact on your bottom line. From having unproductive and inefficient workers, or workers who go above and beyond, one thing that can have a direct effect to your bottom line is workers’ compensation. Workplace injuries can be quite expensive for employers, especially those companies that require skilled or physical labor. So, if you are interested in helping your businesses’ bottom line, use some of these tips to help avoid hiring your next costly claim.

Before the Hiring Process

Much like having a good foundation determines the strength of a building, hiring practices can have a similar effect to your business and its future. Preparation is very important when starting the hiring process. You want to be sure the right people are in the right jobs to get the most out of your team. Putting someone into a position that has no experience or background in said position could result in mistakes and possible injury if they lack training and experience. There are many ways to do your homework when beginning the hiring process, from gathering analytics of the mistakes that people make in the workplace, to psychology of people that will put them in the best position. Assessing problems before you make a hire can be best form of preventing a loss.

During the Hiring Process

Job interviews and job shadowing, or any other form of evaluating someone before hiring them is a great opportunity to see if someone is not only a perfect fit for the position, but your company culture as well. Unfortunately, you can’t ask someone about previous claims they were involved in, however, you can ask them about any gaps in their employment. Also, be sure to ask them how they would handle certain situations that can arise such as emergencies or other scenarios that may put them or their coworkers in danger. So far so good? If so, you should contact all their references to get a feel for how they are viewed from their past employers.

Don’t Stop Once They’re Hired

Once your new employee has passed all screening and gone through all the training necessary, welcome him or her to the company! An employment offer should be contingent on successful completion of screenings. Completion of a thorough hiring process should help to ensure the new employee will be a good fit. But the process shouldn’t stop there. Just because you have found your new employee, doesn’t mean you should stop working to avoid a claim. Implementing regular safety and training programs for all employees is a good practice that helps to avoid catastrophic and frequent claim. Lastly, all processes and procedures should be communicated loud and clear so that everyone in your workforce is aware of the company’s expectations. 

Workers’ Compensation Insurance should be a top priority for all businesses. For more information on prepping for an audit, read our previous blog, Follow These Tips When Preparing for a Workers' Compensation Audit”. If you have any questions, or are interested in purchasing workers’ compensation insurance, or any other form of Property & Casualty Insurance, please contact us at 954-828-1819 or visit our website mhginsurance.com. Our insurance specialists have the knowledge and experience to assist and advise your business about all the necessary business insurances.

Filling open positions properly within your company can have a great impact on your bottom line. Use some of these tips to help avoid hiring your next costly claim.

499211198Life insurance provides many valuable benefits. It can protect our assets, provide a way to make charitable contributions, and perhaps most importantly, it is the one way we can make sure our loved ones’ needs will be taken care of long after we are able to look after them ourselves. While most adults realize the importance of buying life insurance, lack of knowledge about the process may cause some to put off purchasing this essential coverage until it is too late. Purchasing life insurance may seem complicated, but, it doesn’t have to be. Read on to learn 5 things to know when buying life insurance:

What should I expect when buying life insurance?

You will need to determine your most important needs as well as any additional coverage you may wish to purchase. Many policies offer riders that may be of value for you, such as critical illness or disability. Expect to answer questions about your and your family’s health and medical history, and be certain to answer completely and truthfully because any falsehoods could disqualify you for coverage or invalidate your policy.

How much life insurance coverage do I need?

The amount of life insurance coverage you need is determined by many variables, and while coverage is important at every age, the amount you need will change over time. To determine the amount of coverage you need now, you should calculate what would be needed to clear your debts and care for your loved ones’ current, ongoing, and future needs. That will include replacing the income of a passing spouse or the value of services provided by a homemaker spouse, as well as medical and schooling expenses.

What type of life insurance should I buy?

There are two basic types of life insurance: term life insurance and cash value insurance. Term life insurance generally has lower premiums, but does not build up cash values that you can use in the future. Cash value life insurance, which includes whole life, universal life, and variable life, provides an investment or cash accumulation feature that can be used if needed. Most individuals find a mixture of policies is the best way to meet their coverage needs while keeping premiums at an affordable level.

When is the best time to buy life insurance?

The short answer is NOW! When you purchase a life insurance policy, you lock in premium rates for the length of the policy. Since rates increase as you age, as do the health problems that can make it difficult to qualify for coverage, you should purchase life insurance as early as possible.

Should I buy life insurance from an insurance agent or an insurance broker?

You should always buy life insurance from a professional insurance broker like MHG. An insurance agent works for a single company, while insurance brokers work with several insurance companies, so they can find you the best life insurance coverage for the lowest rates. While life insurance has become more complicated over the years, it has never been easier to purchase than now.

For more information on life insurance, be sure to read our previous blog, “Converting a Term Life Insurance Policy to a Whole Life Insurance Policy.” If you are interested in purchasing life insurance, or have any questions about your policy, or which policy would be best for you and your family, contact us at 954-828-1819 or visit us online at mhginsurance.com. We have the insurance specialists to assist and advise you on the best coverage for you and your loved ones at every stage of life.

Life insurance provides many valuable benefits. Read on to learn 5 things to know when buying life insurance.

Yacht Crew Insurance Terms 101

Beginner Level, 101If 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. Read more to get a better grasp.