SOME POINTS FOR ALL YACHT CREW TO PONDER
Q : What is one of the most essential elements of an individual’s financial planning that is most often overlooked/ignored by yacht crew ?
A : Protection for the individual and/or their family i.e. life assurance, medical cover, accident and sickness protection.
Q : Why is this the case ?
A : Many boats offer life and other types of cover whilst you are employed on that boat and therefore crew feel they are fully protected .
Q : So how is this a problem ?
A : Quite often such cover is literally only valid when you are on the boat and not even in the dockyard or ashore . Also in an industry where crew frequently move from boat to boat there is the potential for there to be periods when they have no cover. For somebody who has a family that would rely on an insurance payout in the event of death/ accident or injury it would be catastrophic were this to occur at a time of no cover.
Q : What is the solution ?
A : 1) Check the terms of the cover provided by your boat
2) Take out your own protection insurance (in addition to that provided by the boat) to ensure continuity of cover wherever you are and whatever you are doing. A further reason for taking cover out now is that medical conditions that may develop later in life could make you uninsurable, whereas having cover already in place means that this would not be an issue.
3) Ensure that any cover implemented is valid worldwide.
If all this seems like too much effort, as part of our endeavour to be more than just a crew agency, Aviso are delighted to announce that we have established a relationship with a highly reputable insurance broker of 30 years standing based in Mallorca to provide cover specifically for yacht crew worldwide. He will implement only the cover you need with a minimum of input from yourself.
The cover he is able to offer specifically for yacht crew is as follows:
Life assurance – cover up to £500,000 without the requirement for a medical examination open to any nationality and valid worldwide. Cover in excess of the above would require a medical.
Medical insurance – Cover for individuals (and their families if required) is through a reputable international organisation or can be tailored for a yacht specific scheme solely for deckhands. Once again this is open to all nationalities and is valid worldwide.
Accident/sickness – this is cover that is very often overlooked but it can be vital in providing the financial assistance needed during periods of absence from work for up to two years. Again, all nationalities qualify and it is valid worldwide.
Please check out our website to view more articles on finance for yacht crew or contact us on email@example.com to learn more.
twitter @AvisoAgency. website aviso.agency