Sailing to CUBA? – Need Yacht & Crew Coverage & Assistance?

Superyacht Insurance Group can assist you with insurance prior to your trip when yachting to CUBA. We offer crew medical and yacht coverage that will provide coverage in Cuba,now even for US flagged vessels!

We have received many insurance request from our yacht insurance clients that are eager to navigate and explore Cuba’s waters. Cuba has become such a popular yachting destination lately and because of that, it urged us to write this newsletter.

In addition to insurance, we have several yacht agent contacts, located both in the US and Cuba, that can help facilitate the necessary licenses, documentation and other important information prior to your trip.

It’s imperative to start planning your trip far in advance, as it can take months to get the necessary licenses and documentations prepared.

Please contact our office and we’ll be happy to share these contacts with you; info@syig.co or 954-323-6733.

Yachting to Cuba

Only 90 miles from Florida’s coastline, Cuba is still considered one of the last frontiers in the Caribbean. Cuba is the largest Caribbean island nation. Its neighbors are the Cayman Islands, Jamaica and Haiti. Cuba spans 44,200 miles, making it a bit smaller than the state of Pennsylvania. Its varied geography includes rolling farmland, rugged mountains, urban metropolises, quaint Colonial villages and white-sand beaches.

The island is divided into 15 provinces and one special municipality, Isla de la Juventud. Notable Cuba areas include rural Piñar del Rio, where tobacco farming builds economic momentum; seaside Santiago de Cuba, the country’s second largest city next to Havana rife with colorful Afro-Cuban influence; and colonial Trinidad, a sleepy town designated a UNESCO world heritage site nestled between majestic mountains and the sea.

Cuba’s population is richly diverse, with 11.2 million residents. Despite its Native roots, the most profound effects on Cuban culture are the result of European, African and North American influences.

Late in 2014, President Obama announced a plan to begin easing trade and travel restrictions with Cuba. The Department of the Treasury’s Office of Foreign Assets Control (OFAC) made certain amendments to the Cuban Assets Control Regulations (CACR) to implement this plan on Jan. 16 2015.

It is now possible to take a  U.S. boat to Cuba today as long as the trip falls under one of the 12 categories listed on an affidavit of categories allowed by Office of Foreign Assets Control (www.OFAC.gov).

Marinas:

Cuba is the perfect destination for sea related sports. With 3,750 miles of coastline on the main island, Cuba has over 4,000 islands and cays, 370 miles of natural beaches, a biological wealth of exotic of marine life and 530 miles of beautiful coral reefs. It’s also easy to reach for US yachts. From Key West it’s only 90 nautical miles to Cuba.

For your first trip, on the north coast of Cuba (directly across the strait from Florida) there are three large marinas in fairly close proximity to one another. The first is Marina Hemingway, which is the largest marina and have dockage for vessels up to 230’, with a Max depth of 12’. It’s located about 10 nautical miles west of Old Havana. Marina Darsena at Varadero has dockage limited for yachts up to about 150’.You can also clear in and out by tender at this marina in Varadero. Cuba’s newest facility Marina GaviotaVaradero is located off the Peninsula de Hicacosand accommodatesup to 1,200 smaller vessels. For yachts larger than 230’, you can make arrangements to dock in the Port of Havana to clear in and out and to see the city – one of Abramovich’s enormous boats has been there.

Trip Planning:

Although diplomatic negotiations have made traveling between the two countries easier, the rules and regulations are constantly changing, so it’s imperative that yacht owners consult with aMarine Insurance Specialistand a Yacht Agent before planning a voyage.

For yacht owners interested in taking their yacht to Cuba, advanced planning is required. You have to make sure that you operate in strict compliance with the laws, regulations and customs of the U.S. Department of the Treasury, U.S. Department of Commerce and the U.S. Coastguard (Homeland Security) and the Republic of Cuba.

The first step would be to ensure the trip falls within the scope of OFAC’s 12 listed authorized categories. To transport passengers to and from Cuba, the yacht owner must obtain a specific license from the Office of Foreign Asset Control (OFAC).The next step would be to contact the Department of Commerce’s Bureau of Industry and Security division (BIS) to obtain a specific export license from its Department of Commerce’s Export Administration Regulation (EAR), which is required before the temporary journey of the yacht into Cuba. Most importantly a permit needs to be issued by the USCG and I believe these permits are only for 2-weeks.

Once the two U.S. government agencies have approved the voyage, provide all licensing, a navigation itinerary and a crew manifest to the yacht’s insurance adviser for approval. Although not all insurance companies provide coverage for Cuba, those carriers that do can issue coverage on a per-trip basis. The process to issue coverage can take up to four weeks to clear with the insurance company’s legal department, so make sure you plan ahead!

Helpful Links:

Department of the Treasury, Office of Foreign Assets Control (OFAC)

https://www.treasury.gov/about/organizational-structure/offices/Pages/Office-of-Foreign-Assets-Control.aspx

Department of Commerce, Bureau of Industry and Security (BIS)&Expat Admin Regulations (EAR). www.bis.doc.gov

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The Newport Charter Yacht Show – June 21st 2016- June 24th 2016.

The much awaited Newport Charter Yacht Show 2016 will be held at the Newport Shipyard from June 21st, 2016 – June 24th 2016.  This is the only event of the kind in the USA, known for hosting an incredible collection of the best in luxury super yachts for charter.

Popular for being the best showcase of Luxury superyachts along with an amazing display of ancillary goods and services – this is a never to miss an opportunity to interact with professional yacht crew members, yacht brokers, agents, insurance brokers, such as SuperyachtInsurance Group, yacht captains and learn more about luxury super yachts. It is also the most sought after destination for registered as well as credentialed industry professionals who gather to represent clients who are interested in renting a luxurious vessel.

Newport is the best yachting destination, with its central location, the picturesque harbour, bright and cheerful town life which makes it "America's sailing capital". The event will include plenty of interesting shore side activities and exhibits such as the themed ‘yacht hop’. This is a rare occasion when yacht crew and captains serve guests signature cocktails.

What is the focus of the event?

The core focus is the breathtaking display of some of the best luxury super yachts (70’ – 200’+) which are available for Charter. The event also showcases the variety of world-class services and amenities which are available for the convenience of yachts and yacht crew. Vessels on display are mainly related to the Charter Yacht industry, but the mix of exhibitors on-land, definitely adds value for the crew and captains which enhance the experience for the probable Charter guests.

The Newport Charter Yacht Show
Specific topics closely associated with the Charter yacht industry will be discussed by the industry experts. Information and news will be shared about new technologies, products, services, changes made in Maritime law, charter-friendly resorts and also about some enchanting destinations for guests, who choose to be a part of the tour.

Categories which will be on display at the event might include:

•  Superyacht industry - Brokerage, Shipyards, Builders, Communication and Accessories
•  Products - Private Aircraft, Art, Clothing, Wine, Watches
•   Destinations - Real Estate, Resorts, Private Clubs
• Services - Yacht management, Interior design, Wealth management and much more.

Participants at the Newport Charter Show have access to many amenities which include exquisite dining, lodging facilities and fun-filled entertainment opportunities along with a number of support services which are close by.

Superyacht Insurance Group Will Be There …

Only those exhibitors whose services and products complement the super life of Charter Yachts are invited to the event. With extreme pleasure, we announce that Superyacht Insurance Group http://www.syig.co/ will be present at the show to help our valuable customers. Please contact us if you'd like us to come talk to the crew about crew medical insurance and/or for a competitive yacht quote, http://www.syig.co/contact-syig/yacht-insurance-quote/ "We work with top insurance carriers and underwriters from Europe and US and have many options available. We will be happy to meet you and offer every assistance or help you need related to insurance”, says Maria Karlsson, President/Agent of Superyacht Insurance Group. “Please contact us to schedule a meeting, 954 323 6733, or info@syig.co. Looking forward to seeing you in Newport!”

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Explaining insurance in the superyacht industry with SYIG

Explaining insurance in the superyacht industry with SYIG

In today’s superyacht industry, taking care of insurance for yachts and crew is one of the most important factors for owners. Yachting Pages spoke to Eva Maria Karlsson of Superyacht Insurance Group (SYIG) to talk more about insurance in the superyacht industry, finding out some helpful advice, key information and some interesting examples.

When was Superyacht Insurance Group founded and how did it come about?

Superyacht Insurance Group (SYIG) is the trade name for Yacht and Crew Insurance Inc. and was founded in 2012. We previously operated under the name Crew Insurance Services, Inc. which was founded in 2003. The reason for the corporate name change was to incorporate that we also provide yacht insurance, (Hull & P&I), and not only crew medical insurance.

I used to work for a private boat club here in Florida, called Florida Powerboat Club and when leaving the employment I wanted to focus more on sales. I came across an advert in the local newspaper, wanting to hire health insurance agents. I acquired my Health and Life license in 2002 and my P&C license in 2007.

Living in Fort Lauderdale, the “yachting capital of the world”, I was exposed to luxurious and big yachts daily and like many crew I was an “international citizen”, (born and raised in Sweden), it was a natural and suitable fit for me to start working with the yachting industry. I truly enjoy being a part of the exciting yachting industry and meeting adventurous and outgoing people from all over the world!

In your own words how would you describe the business and how has it developed?

SYIG has been providing insurance solutions for the yachting industry since 2002. The company offers crew insurance and yacht insurance (Hull, P&I) under one roof.  We offer an extensive insurance portfolio of international and US insurance policies especially designed to suit the crew's unique situation and the yacht's programme.

In addition, we are able to arrange tailored insurance coverage for the yacht through most of the leading, top-rated US and European underwriters. Furthermore, we provide a wide range of additional crew insurance coverage, included but not limited to: travel insurance, disability insurance (income protection), life insurance and personal accident insurance (AD&D).

In 2002, we started selling strictly US domestic health insurance plans for US Citizen’s, but the agency has then evolved into working with the international market and the yachting industry as a niche. Lately we have also extended our insurance offerings to the commercial shipping industry, (merchant marines). With offices conveniently located on the Middle River in Fort Lauderdale and walking distance to Sunrise Harbour Marina, we are truly in the heart of the yachting industry.

What makes you different from your competitors? How are you unique? 

Superyacht Insurance Group provides insurance coverage to both the crew AND the yacht, whereas most competitors focus on either coverage for the crew OR the yacht. This is a true advantage since we can avoid policy gaps and/or overlaps between the crew medical and the yacht insurance policy, making sure the client has sufficient coverage, or is not covered twice for the same benefits.  

SYIG is truly taking pride in our personalised and dependable customer service, 24/7/365. My cell is always on, since the clients are all over the world, in different time zones. We spend time with our clients, assisting from “application to claims” and going the extra mile, making sure they understand the policy. We visit the yachts and speak to the captains and crew on a regular basis, or invite them to our office.

What are the biggest challenges that you face in the superyacht industry at the moment?

The biggest challenge presently is “Obamacare”. Interestingly enough, it’s actually affecting the international marine industry, in that we now have to cope with tighter guidelines regarding time spent “in-and-out of the US” waters. Most underwriters require that the yachts spend at least six months outside the US in a 12-month period. It doesn’t matter that the yacht is registered outside the US and the crew are non-US.

Some underwriters can’t even provide coverage for US Citizens, or limit the coverage inside the US. Since the yacht’s programmes are usually changeable, it makes it really hard to place the coverage for certain yachts.

I’m dealing with a challenging “case” presently concerning a large US registered yacht with 10 US Citizen crew members. The yacht doesn’t leave the US much, just incidental trips to the Bahamas and back.

They don’t qualify for the international plans that are specifically designed for yacht crew, because they don’t spend six months per year outside the US. However, US domestic insurance carriers are reluctant to offer group coverage to the crew since the crew members are from different states.

How is business? Were you affected by the recession?

Surprisingly enough, the business hasn’t been affected by the recession. Insurance is a necessity even in bad economic times. Furthermore, with MLC 2006 being in effect as of August 2013, it’s more essential than ever for the owners to offer insurance, since they are financially responsible for the crew.

Do you have any top tips or advice regarding insurance for both the yachts and crew?

1.       Make sure you’re working with a prodigious and independent insurance agent, who has access to a wide array of options to suit your needs and the yacht’s programme. It’s a plus if the agent has strong experience in both yacht insurance (Hull, P&I) and crew medical, to avoid over- insuring or under-insuring.

2.       Make sure that the underwriters or insurance carriers are top-rated.

3.       Make sure to provide the insurance agent with accurate and detailed information regarding the yacht and its programme so that it gets quoted correctly from the start.

4.       Make sure the crew medical insurance coverage is PRIMARY to the vessel’s P&I insurance, so that work related accidents and injuries are covered under the medical, to avoid claiming on the yacht’s P&I insurance. It’s pertinent that the insurance covers crew 24/7/365, while working AND during time off as well.

5.       Make sure the crew medical policy offers sufficient benefits and coverage limits, especially important if the yacht comes to the USA, where the cost of the medical care is the highest in the world.

6.       Make sure to read the policy “fine print” and definitions before applying for coverage, please take notice of any benefit waiting periods and how pre-existing conditions are being handled.

Can you explain some common requests/issues you receive from clients?

Common issues are that it’s hard to predict the yacht’s programme for the upcoming year. The insurance requires that the yacht spend a significant time OUTSIDE US waters and it’s often hard to have knowledge of, since the programme can change rapidly.

Are there any bizarre/strange requests you’ve received from clients/prospective clients?

One bizarre incident included a prospective client, who was an older gentleman in his 80s. After seeing a picture of me, he developed a “crush” on me and calling me “foxy lady”.  He ended up having open heart surgery and wanted me to come and visit him at the hospital, even though we’d never met before and he was still only a prospect… a very strange request!

We offer excellent personalised customer service, but this was a little extreme and he wasn’t even a client yet!

What superyachts/big clients have you worked with that you can share?

The yachting industry is very exclusive and private and I’m not going to share my clients. My current book of business consists of yachts up to 250’, (bigger yachts are welcome!). One of my clients in particular is a very famous sports star, whom I have provided insurance to his yacht crew for years.

What do you enjoy most about your job?

I enjoy the nature of the marine industry; it’s very exciting, competitive and fast-paced. Additionally, I have the benefit of dealing with captains and crew from all over the world. It’s fun and exciting to meet and work with an international crowd. Conducting meetings and presentations on luxury yachts is irreplaceable! I also enjoy traveling to the yachting destinations and going to the boat shows.

Why do you enjoy boat shows? Which shows have you recently attended or plan to attend?

Attending boat shows is a great part of what I do. It’s important to “show your face” to other industry professionals and to your clients. I normally don’t work out of a “booth”, as I’m more effective “walking and talking” on the docks. Boat shows are very social events and I try and attend as many after hour networking functions and parties as I can.

The last boat show I went to was the Fort Lauderdale Boat Show at the end of October 2014. The next boat show will be the Miami Boat Show in February and then the Palm Beach Boat Show in March. I have also been to the Monaco Show, which is pretty spectacular, showcasing some of the largest, most expensive and luxurious yachts in the world.

Who would be your dream client?

A dream client would be to provide the crew medical insurance to a large fleet of vessels, perhaps providing coverage for 500 + crew members, or providing the yacht insurance (Hull, P&I) for a 400+ foot vessel.  

For more information, visit superyacht insurance on Yachting Pages or SYIG.

To search yacht insurance providers on Yachting Pages click here.

Contact SYIG: info@syig.co +1 954 323 6733

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US Obamacare affects the international marine industry

US Obamacare affects international marine industry

Obamacare, otherwise known as the Affordable Care Act (ACA), the recent healthcare plan in the USA, is affecting the superyacht industry, according to yacht insurance expert Eva Maria Karlsson of Superyacht Insurance Group (SYIG).

Eva Maria, who is president/broker at SYIG commented, “The biggest challenge presently is “Obamacare”. Interestingly enough, it’s actually affecting the international marine industry, in that we now have to cope with tighter guidelines regarding time spent “in-and-out of the US” waters. Most underwriters require that the yachts spend at least six months outside the US in a 12-month period. It doesn’t matter that the yacht is registered outside the US and the crew are non-US.

“Some underwriters can’t even provide coverage for US citizens, or limit the coverage inside the US. Since the yacht’s programmes are usually changeable, it makes it really hard to place the coverage for certain yachts.”

This change in the US healthcare system introduced in 2010, deemed to be the largest overhaul in the system for decades, aimed to increase the quality and affordability of health insurance, lowering the uninsured rate by expanding public and private insurance coverage, and reducing the costs of healthcare for individuals and the government.

Now the superyacht and marine industries are finding increased insurance difficulties when the yachts do not leave the USA for extended periods of time.

Eva Maria went on to state, “I’m dealing with a challenging “case” presently concerning a large US registered yacht with 10 US citizen crew members. The yacht doesn’t leave the US much, just incidental trips to the Bahamas and back.

“They don’t qualify for the international plans that are specifically designed for yacht crew, because they don’t spend six months per year outside the US. However, US domestic insurance carriers are reluctant to offer group coverage to the crew since the crew members are from different states.”

SYIG has been providing insurance solutions for the yachting industry since 2002. The company offers crew insurance and yacht insurance (Hull, P&I) under one roof from their base in Fort Lauderdale, Florida.  

For more information, visit SYIG or superyacht insurance companies on Yachting Pages .

Or contact us: info@syig.co  +1 954 323 6733

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