Bill > H7800

This bill allows local governments that receive grant funds from the Rhode Island Infrastructure Bank's OSCAR fund (Ocean State Climate Adaptation and Resilience fund), the Resilient Rhode Island Infrastructure Fund, and the Municipal Resilience Program to use these funds for insurability planning. This means that these local governments can now use grant money to develop tools and strategies to understand and manage financial risks related to climate change impacts, such as flooding and sea-level rise, and to ensure their properties remain insurable, thereby reducing potential costs associated with recovering from catastrophic events. The bill also clarifies that these funds can be used for risk interpretation tools that quantify financial risks and the value of risk financing and transfer investments, including insurance and alternative methods of risk transfer.

Housing and Urban Affairs

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