HI SR145

Urges the Department of Land and Natural Resources to research and purchase an insurance policy to protect Hawaii's coral reefs from storm damage.

Establishes that healthy coral reefs absorb up to 97 percent of wave energy and save Hawaii $836,000,000 annually in protection of coastal infrastructure and property from sea-originated flooding.

References The Nature Conservancy's November 2022 insurance policy covering wind-generated storm damage to reefs surrounding Oahu, Molokai, Lanai, Maui, Kauai, and Hawaii islands through December 2023, with coverage triggered at wind speeds of 50 knots (56 mph) and maximum payouts of $2,000,000.

Cites a 2020 reef insurance feasibility assessment by The Nature Conservancy and Bank of America finding reef insurance to be ecologically and economically feasible for the State.

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