The Nature Conservancy (TNC), a global environmental organization based in Washington, D.C., has purchased a $2 million insurance policy against the risk of future storm damage to Hawaii’s coral reefs, the New York Times reports.

The policy, which covers storm damage to coral reefs surrounding the islands of Oahu, Molokai, Lanai, Maui, and Hawaii, is designed to support large-scale cleanup and repair efforts within a short window—six weeks at most—before vulnerable coral begins to die and pay out within two weeks, a timeframe described as “the approximate equivalent of light speed.” The policy does not depend on a typical damage assessment; instead, payouts are triggered by storm wind metrics measured in close to real time. The funds will enable TNC to move faster and more effectively than Hawaii’s state government, formally the owner of the reefs, which lacks the tools and financing to ameliorate coral damage, while addressing human needs following a natural disaster. As a nonprofit, TNC can raise private funds to pay for the insurance, while the state cannot.

The TNC policy represents a next step in the evolution of insurance as public and private actors seek to adapt to the effects of climate change. Following similar efforts in Latin America with mixed results, the policy is the first of its kind in the United States. According to the New York Times, if the experiment is successful, TNC will look to expand the model to other states and include other natural features that shield against storms, such as mangroves, wetlands, and coastal dunes.

The importance of coral reefs to Hawaiians cannot be overstated, said Ekolu Lindsey, a co-founder of Polanui Hiu, a group that works to monitor and restore a reef off the coast of Maui called Nā Papalimu O Pi‘ilani. “If we need to pilot this thing in the United States,” Lindsey said, “I’d rather try something and fail at it than not try at all.”

(Photo credit: Getty Images/Kevin Panizza)