Seasonal Switch: Preparing for the Caribbean Yachting Season

The Mediterranean Yachting season is now well and truly over. If you had a seasonal contract, then you could be looking for another job. Those on permanent contracts are mainly either heading to the shipyard/on leave/or going to the Caribbean for the winter Yachting season.

Younger/Less experienced crew

If you are looking for another job, for the Caribbean Yachting season have you got a plan?

• You need to budget. Until you have another job, you have no money coming in.
• Does your budget include upskilling?
• Would those extra skills/qualifications enable you to take a more responsible job?
• Or work on a bigger/better-paying boat?
• If English is not your first language, brush up on that. Why not take a simple cooking course so that you can stand in as crew chef if necessary?
• It’s surprising how many people who go cruising do not really like the water, so Pilates/ Yoga/Personal Training Courses could really help you get a better-paying job.
• You also need to think about health insurance SAP. No point waiting until you have an accident or get sick, then it’s far too late! You are no longer covered by the boat you were working on. Unless you are in your home country, you are very unlikely to be covered at all.
• Health insurance is not generally very expensive, but private healthcare is. 
• You can arrange health insurance while you are between jobs, but a much better plan is to have your own, whatever boat you start working on.
• Then you are in control, and you won’t expose yourself to working on a boat that fires you if you get sick, which could also mean your health insurance terminates.
• Crew are often great at organising car insurance/travel insurance etc, but you are the goose that lays the golden eggs, so who should you insure, the goose or the eggs? If you have family members you are financially responsible for, then you should set up a Life Insurance policy (at least USD/Eur 250,000, better Eur/USD 500,000). This will pay out a lump sum in the event of your death,  providing financial protection for your family. The younger you are when you do this, the cheaper it is. Put another way, it is never cheaper than today.  More details regarding life insurance are below.  
• Be work-ready: When you land your next job, it is likely you will be working very hard again, so it’s very important that while you’re between jobs, you make sure you have a proper break. This break will be building up your mental and physical resilience, an additional personal insurance for the busy season ahead.  
• Make sure your medical and STCW certificates are up to date.

Heading for the shipyard.

All yachts need to be repaired/maintained. It makes sense to do this when the boat is not needed for charter. The last thing you need is your boat breaking down mid-season.

• For many crew members spending the winter in a shipyard, it is probably not very interesting, but it should give you plenty of time to get your affairs in order. All those things you meant to do, but hadn’t got around to. Your own health insurance, Life insurance, for example.
• If you are a crew member with a family to support, it is vital that you set up your own life insurance. Although most boats provide some Life assurance cover, it is very unlikely to be enough to protect your family. Realistically, you will need at least Eur/USD 500,000 worth of cover. The minimum requirement for life insurance for mariners only covers you if you are on board the boat. What if you are killed going shopping or while you’re on leave? Your family could end up with nothing…..

As an international working expatriate, you need international life assurance that will cover you wherever you are and whatever you are doing (within reason). If you have a wife at home looking after your children, then she should also get local life assurance cover. Imagine what you would do if she died? How could you afford to look after your children or return to a boat?

Of course, for most yacht crew, none of these things will happen. But during our professional careers, we have seen several unexpected deaths, where there was life insurance and where there was no life assurance. Your death would be a life-changing experience for your family, whatever the circumstances. You must make sure you mitigate the pain as much as possible.

Get life assurance now… You can’t afford not to.

Learn more about life assurance and get a quote. 

Income replacement/Disability insurance

Again, a lot of crew will say this doesn’t apply to me, I don’t need to do anything, the boat will take care of this. The minimum requirement on board a boat is USD/Eur 50,000. Of course, it is better than nothing, but it isn’t enough to make a new life.

If your family depend on your ability to work, then you need your own disability insurance. 

As with life insurance, the same criteria apply. Having your own disability insurance then you are in control. You can take it to whatever boat you are working on. You can ensure that if you need it, you have sufficient disability insurance cover. Visit our income replacement page for more details and get a quote.

Your Financial Journey: Building your Financial Future.

You’ve sorted out your insurance requirements and your physical wellbeing. What about your Financial future?

There is not much point working so hard on board yachts if you are not also building your savings and investments. Your savings and investments will be the difference between a good life after yachting or potentially a very difficult one.

You are currently between seasons, so before you start the Caribbean Yachting season, this is a great moment to get your finances in order.

Thinking of starting a savings plan or building your financial plan and investments. Yachting Financial Solutions can help you with this. Just drop us a message through the contact form, or through WhatsApp, or book a call.

Have you built up savings during the summer season that you have earmarked for investment?

Rather than leaving them sitting in the bank for the Caribbean Yachting season, why not get yourself organised now? Contact your Financial advisor or get in touch with us at Yachting Financial Solutions to see how we can help.

Contact us now and book a call.

Yachting can be a very satisfying career and life-changing in an extremely positive way.

However, unlike many jobs ‘on land’ where your employer or government take care of pensions

or healthcare, you need to organise your savings and insurance for yourself.

It is really important that you start a financial/yachting life plan as soon as possible and stick to it. You can always amend it as you go.

Take a look around, there are not many crew over fifty in yachting and would you want to be?

The average career span in yachting is 10-15 years, and for most women, a lot less. In general

This is not a career until retirement, so you need to be building your financial future as soon as you can. It is unlikely you have thirty years to do this.   

We’re not saying don’t have fun in your downtime, but we are saying do keep a very firm eye on your post-yachting future.

You have the chance to design your ideal life post-yachting, and this will cost money, don’t miss the boat! It’s a fantastic opportunity.