A trust is buying first-ever insurance policy for a coral reef

Apr 03, 2018, 5:23 AM EDT
(Source: egvvnd/flickr)
(Source: egvvnd/flickr)

Coral reefs are under tremendous ecological stress as they struggle to respond to warming seas. The government of the Mexican state of Quintana Roo, in collaboration with the Nature Conservancy, has set up a trust that will insure huge swathes of coral reefs and beaches in a first-of-its-kind conservation effort.

This policy, essentially a catastrophic insurance, doesn’t cover the warming and acidification of the oceans, but will trigger payout in case of heavy damage caused by storms, notes Futurism.

The policy is an effort at monetizing the value of coral reefs, which are tourism hotbeds, thriving spots for fish and a strong barrier against beach erosion, writes Reuters.