Successfully navigating the choppy waters of the yachting industry and learning your craft is one thing; understanding the importance of personal insurance for you as a crew member is quite another. Like a boxer in the ring, the key message here is to protect yourself at all times.
This article by Moore Dixon (MDBL), aims to highlight why securing personal insurance is essential despite the tempting allure of relying solely on the insurance provided by the vessel. Several crucial considerations underscore the necessity for individual coverage.
One of the primary motivations for securing personal insurance lies in the potential pitfalls associated with pre-existing medical conditions. You may find yourself transitioning between different vessels or experiencing periods of unemployment. In such rapidly changing scenarios, the risk of encountering health issues while covered under a group policy provided by the boat can be significant.
Should you as a crew member develop a pre-existing condition during this time, transitioning to an individual plan may result in exclusions for the condition, leaving you vulnerable to gaps in coverage. Insurance companies are experienced and very aware of pre-existing conditions so you should sign up for a good policy while you are fit and healthy, not when illness or injury strikes. Having a personal insurance plan ensures continuous protection without the risk of coverage limitations due to troublesome pre-existing conditions.
Furthermore, the nature of employment in the yachting industry underscores the necessity for a good portable personal insurance policy. Freelancing or moving between jobs is, as you know, part and parcel of the job, making it imperative to maintain uninterrupted coverage regardless of changes in your employment status or vessel assignments.
Relying solely on the insurance provided by the next boat leaves you susceptible to coverage gaps during transitional phases. Murphy’s law also dictates that something will happen when you least expect it, like when you are in between boats, so never rely on the coverage of the next assignment, rely instead on good and continuous personal insurance.
Personal insurance also serves as a crucial safety net in situations where the coverage offered by the vessel may fall short. Medical emergencies or repatriation expenses due to illness or injury may not be fully covered by the boat’s insurance, leaving you exposed to a significant financial burden at a time when you are incapacitated. Personal health insurance provides access to quality medical care and financial assistance, ensuring comprehensive coverage beyond the limitations of the vessel’s policy.
Insurance coverage across different yachts and jurisdictions can vary greatly, thereby further underlining the importance of a personal insurance plan. Did you know factors such as the size of the yacht, its cruising locations, and the policies of the yacht owner or management company can significantly impact the extent and terms of insurance offered?
You may find working on smaller vessels or in remote or high-risk regions offers limited protection with a boat policy. In such cases, personal insurance becomes indispensable, offering you an additional layer of security with comprehensive coverage tailored to your individual needs.
Ultimately, personal insurance provides you with greater control, flexibility, and peace of mind in navigating the unpredictable seas of the yachting industry.
Don’t think of it as just an option, but as an essential investment to ensure your continuous protection. Understanding the inherent limitations of relying solely on the insurance provided by the vessel means you can make informed decisions to safeguard your well-being and financial security throughout your maritime career.
Twice awarded as one of the top choices at the ACREW Superyacht Business Awards, the Moore Dixon Superyacht Crew Medical Insurance Plan is tailored for yacht crew protecting you against the unique challenges you face. With a single point of contact and customisable coverage, including options for the US, and a network of global healthcare providers, we offer the ideal choice for your globetrotting lifestyle.
Three ‘take-aways’
1. Avoid issues with pre-existing conditions, and get covered whilst you are fit and healthy.
2. If you are constantly changing insurance providers, because you are constantly changing boats and solely relying on their policy, you run the risk of losing some of your cover, if you have had pre-existing conditions.
3. Murphy’s law: It will happen when you least expect it, like between boats, so get your own policy. Don’t rely on the yacht’s plan.
For further details contact Moore Dixon (MDBL) by calling +44 (0)1624 662020, or sending an email to [email protected]
