H.R. 7464: Temperature Event Mitigation Policy Act

This bill, titled the Temperature Event Mitigation Policy Act (or TEMP Act), aims to promote research and development related to insurance policies that would protect crops from frost or cold weather events. Here are the key points:

Insurance Research and Development

• The bill proposes that the Federal Crop Insurance Corporation (FCIC) focus on creating an index-based insurance policy specifically for crops affected by frost or cold weather.
• This new insurance policy would cover a range of crops, including but not limited to:
  • Tomatoes
  • Peppers
  • Sugarcane
  • Strawberries
  • Melons
  • Citrus fruits
  • Peaches
  • Blueberries

Aims of the Research

• The research included in the bill will assess the effectiveness of risk management tools for catastrophic weather events.
• It aims to create an insurance policy that offers protection for:
  • Production loss due to frost or cold weather conditions
  • Revenue loss resulting from such weather-related events

Reporting Requirements

• The FCIC is required to provide a report within one year of the bill's enactment.
• This report must include:
  • The findings from the research and development efforts.
  • Recommendations based on those findings.

Implementation

• The bill would allow the FCIC to contract with qualified persons or organizations to conduct the necessary research and development on frost and cold-weather crop insurance.

Purpose

The overarching goal of the TEMP Act is to provide increased protections for farmers against weather-related crop losses, particularly severe cold weather, which can significantly impact their livelihoods.

Relevant Companies

• None found