Insuring the Deep Sea

Insurance is everywhere, established to transfer risk or to compensate for loss. Deep-sea mining has attracted much attention lately, as we look to offshore exploration and extraction for energy and mineral resources. As the UN International Seabed Authority deliberates standards and regulations related to drilling into the ocean floor, insurers of deep-sea risk are calculating potential loss as potentially so great that no coverage would be adequate to cover the costs of consequence, and no payment large enough to mitigate the risk of deep-sea mining. 

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