Temperature Endorsement for Multi-Peril Policies Act or the TEMP Act
This bill directs the federal crop insurance program to provide for research and development regarding a temperature-based index policy to insure crops on a nationally-available basis against losses due to a frost or cold weather event.
The research and development must (1) evaluate the effectiveness of risk management tools with respect to low frequency and catastrophic loss weather events, and (2) result in a policy that provides protection for production loss or revenue loss.
(The term policy means an insurance policy, plan of insurance, provision of a policy or plan of insurance, and related materials.)