Yacht Crew Insurance

Posted July 13 2012


You have landed that dream job aboard a gorgeous yacht and are excited about the places you will visit and the people you will meet, but did you ask your employer the important questions?  How and when are you going to be paid? Will taxes be taken out of your pay? And what about insurance?  Health insurance, disability insurance, life insurance? 

 

“Look at salary as one part of total compensation package including vacation, travel stipend, medical insurance, opportunity for continuing education, etc., as those are real costs and represent another $10,000-15,000 in additional benefits that many employers now pay,” said a chief stew in The Triton survey of crew members. Most crew members, about 70 percent, are paid monthly with the rest receiving their pay every other week.  

More than three-quarters of them receive their pay through direct deposit or wire transfer, most of the rest received a paper check.  Very few are paid in cash and they are usually on smaller yachts. The U.S. dollar is the most popular form of currency for crew pay, about 82 percent, regardless of where they work in the world.  Most of the remaining crews receive their pay in Euros. 

Nearly 70 percent of crew members do not have any taxes deducted through their paychecks.  However, you are still responsible for taxes due, if any, in your home country. Many US crewmembers are paid as independent contractors and receive a 1099 form for wages and tips earned and will owe taxes.

Many long-term US crew have created corporations, and in that case the yacht pays the corporation, which in turns pays the crewmember.  The corporation then pays all the taxes, travel expenses and health benefits, which can be advantageous.

If your employer does not provide health insurance you need to obtain your own, so you are covered in case of an accident or illness. MHG Insurance Brokers works with several insurers to provide you with the medical benefits that you need for your new career and lifestyle. We offer health benefit plans designed specifically for captains, officers, and crew. With several plans to choose from, MHG can recommend a plan specifically designed for an individual or a group.  

MHG also offers plans suited for seafarers who need spouse and/or dependent coverage. MHG’s expert staff can assist you in selecting the medical insurance coverage that best fits your situation. We offer worldwide medical coverage or the option to exclude the US and Canada for reduced premiums.  Plans can also offer optional term life and disability coverage, special crew member return benefits and out-of-the-country legal expenses.   If you are on a yacht with recreational water sports and scuba diving, 

MHG has a plan to cover you. Do not let your dream job turn into a medical nightmare.  Life on the water can be hazardous, and in the unfortunate event of illness or injury, you need a quality plan. As a yacht crew marine insurance broker MHG Insurance Brokers offers a variety of comprehensive medical insurance plans to meet the needs of each client. Whether you are looking for crew insurance, travel insurance, or group insurance plans, MHG has solutions to fit every budget. Contact the experts at MHG to help you choose the ideal policy for your specific requirements. Contact us today at 877-278-7400 to learn more.