Written by: The Nature Conservancy
With the first-ever insurance policy for a coral reef in place on the Mesoamerican Reef in Mexico, The Nature Conservancy (TNC), with support from Bank of America, today announced plans to research the expansion of an innovative, nature-based insurance program that expedites the repair of coral reefs after major storms.
Today’s announcement of an additional $1 million grant from Bank of America enables TNC’s scientists to conduct studies in both Florida and Hawaii to identify where coral reef insurance and improved reef management could provide an innovative and cost-effective solution to coastal flooding and other risks related to major storm events. This initiative adds to the bank’s initial $1 million grant in 2016 that funded a feasibility study for the one-of-a-kind reef insurance concept and policy in Mexico.
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