On Monday, the global 'Reef Brigades' plan came closer to reality when it bought an insurance policy on behalf of the state of Hawaii, the first U.S. coral insurance contract, which will provide funds for repair work, building on similar policies taken out in the Caribbean.
Apart from being a precious nursery for fish, coral reefs that fringe developed coastlines can limit flooding by providing a barrier against ocean storm surges, meaning insurers have every interest in protecting them.
For the premium of $110,000 in Hawaii's contract announced on Monday, that state will get up to $2 million of insurance protection for its coral reefs until the end of December 2023.
Just offshore from some of the country's most famous Mayan ruins, local tourism businesses and the government bought an insurance policy to cover their share of the Mesoamerican Reef.
Willis Towers Watson, which worked on the MAR Fund policy and the Hawaii policy, said it is actively working on a coral reef policy for Fiji, and policies for coral reef bleaching, run-off due to excessive rainfall, and lost fishing days due to climate change-induced storms.