HI SCR149

Urges the Department of Land and Natural Resources to research and purchase an insurance policy to protect Hawaii's coral reefs from damage caused by severe weather events.

References a 2019 U.S. Geological Survey study finding that healthy coral reefs absorb up to 97 percent of wave energy and save Hawaii $836,000,000 annually in coastal infrastructure and property protection.

Notes that The Nature Conservancy purchased a coral reef insurance policy in November 2022 covering Oahu, Molokai, Lanai, Maui, Kauai, and Hawaii islands through December 2023, triggered at wind speeds of 50 knots (56 mph) with maximum payouts up to $2,000,000 for reef repair and restoration.

Cites a 2020 reef insurance feasibility assessment by The Nature Conservancy and Bank of America concluding that reef insurance is ecologically and economically feasible for Hawaii.

Requires certified copies of the resolution be transmitted to the Governor, Chairperson of the Board of Land and Natural Resources, and Director of Finance.