Hotels and local government in Cancun will pay premiums, and insurance industry will pay out if the reef is damaged by storms

A stretch of coral reef off the Mexican coast is the testing ground for a new idea that could protect fragile environments around the world: insurance.

The reef, off the coast of Cancun, is the first to be protected under an insurance scheme by which the premiums will be paid by local hotels and government, and money to pay for the repair of the reef will be released if a storm strikes.

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