$2 million insurance coverage added for island coral reefs
With the Central Pacific hurricane season underway, an insurance policy covering up to
The policy, the first ever in
The effort follows the world's first reef insurance policy for the coastal state of
Both the
In
The effort comes as forecasters predict the possibility of a busier hurricane season in
The Central Pacific basin, which extends from 140 degrees west to the International Date Line north of the equator, averages four to five tropical cyclones a year.
The
The warmer waters could also lead to coral bleaching and increasingly vulnerable reefs.
In March, officials with the
Working off guidelines developed in
"We have a core set of people we are working with and who have committed to responding and who are in permits at the moment. And we definitely want to build that out," said Makale‘a Ane, who leads community engagement and partnerships for the
Coral reef-related tourism accounts for an estimated
Despite the importance of reefs to the islands, overfishing and polluted runoff have contributed to a 60% decline in live coral cover on some of
Proceeds from the
In
The fact that the policy is tied to wind speeds will allow swift payouts to expediting debris removal and reef repair activities.
The policy coverage area focuses on three general reef areas:
In addition to wind speeds, the payouts will depend on proximity to the center of the three reefs, each of which is insured for
The cost of the insurance policy is roughly
For Ane,
"As a Native Hawaiian, I know the importance of coral reefs for us culturally, our genealogical connection to corals through our Kumulipo (creation chant)," she said.
As Senate Approves ‘Coverage for All,’ Focus Shifts to Assembly on Health Coverage for Undocumented New Yorkers
New Mexico faces big deficit in health benefits fund
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News