Insurance for Superyacht Crew
Insurance is a vital component of any superyacht crew’s financial plan. Without insurance, you’re leaving your ability to complete your financial plan to fate. And along with it, your hopes of achieving your dream life.
Ask yourself this question: “Should you protect the golden eggs or the goose that lays them?”
Most people would say you should protect the goose. If you lose some eggs, the goose will lay more. But if you lose the goose, no more eggs.
Here’s the really important bit: YOU are the goose.
You’re the one earning the money (the golden eggs) that funds your investments. If you lose your ability to earn the money you need to fuel your financial plan, your financial plan will fail.
Worse still, you might need to cash in on your investments early (which may incur penalties) to pay for unforeseen events.
Individual medical insurance
You could fall ill or hurt yourself, meaning you need medical help. You might think you’re covered under the boat’s insurance, but that isn’t always the best healthcare cover for you. And it may even exclude you as soon as you are off the boat, no longer working on it.
Group health insurance
As captain of a charter or private yacht, the responsibility of looking after your crew falls to you. Often that includes arranging crew medical insurance.
We know that your time is best spent running the boat or looking after guests, not sorting out crew healthcare arrangements and crew insurance plans, especially in remote or very expensive parts of the world.
We offer two kinds of group health. One is sure to fit your needs.
Life assurance
As you get older, chances are you’ll not only be laying golden eggs for yourself. You’ll also be laying them for a young family.
It’s a barely tolerable thought, but one any responsible partner or parent has to consider. What happens if you were to die? How would your partner and children pay for their monthly living expenses?
The solution is to have a virtual back-up goose: life assurance.
Life assurance for superyacht crew can be structured in many ways. The bottom line, though, is that if something were to happen to you, money is available to your dependents so that they can process your loss and get their lives back on track without the added pressure of financial worries.
Your ability to lay golden eggs for them, even after you are gone, remains.
Income replacement insurance
Maybe you’re not able to work for several months. Possibly many months. Will the boat continue to pay your salary? Probably not. In that case, how will you pay for your monthly bills ashore and fulfil your investment commitments?
Having your own income replacement insurance protects you against the financial impact of falling ill or sustaining an injury. Your medical bills are covered (and they can be whopping) and you’re guaranteed an income while you’re unable to work.
