Can an Options Contract Be Used to Hedge the Risk of a PoS Slashing Event?

Theoretically, an insurance-like options contract could be designed to hedge the risk of a slashing event. A validator could purchase a custom-made put option that pays out a certain amount if a verifiable slashing event occurs.

The underlying asset would be the staked collateral, and the contract would be triggered by an on-chain event. However, such a product would be highly specialized and likely require a counterparty willing to underwrite the specific, low-probability, high-impact risk of slashing.