An environmental group has taken a groundbreaking step to protect Hawaii's vulnerable coral reefs by purchasing a $2 million insurance policy that becomes active during hurricane season.
An environmental group has a $2 million insurance policy on
, which is in effect in time for a busier hurricane season that could damage the vital natural resources that are increasingly under threat from climate change.said it was the first-ever coral reef insurance policy in the United States. The policy, issued by insurance firm Munich Re, is triggered at windspeeds of 57 mph if sufficiently close to reefs and can provide payouts up to a maximum of $2 million to allow rapid reef repair and restoration after storm damage.
The warmer Pacific has forecasters expecting a"near-to-above normal" hurricane season from June to November for waters around Hawaii, according to the Central Pacific Hurricane Center. That amounts to four to seven tropical cyclones in the region, but fewer could actually come ashore in the islands. The cost of the insurance policy is roughly $100,000, which was underwritten by private funders that included the Bank of America Charitable Foundation and Howden Group Foundation, the charitable arm of international insurance agency Howden Group Holdings, the Honolulu Star-Advertiser reported.
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