A bill to establish the Water Project Insurance Fund in order to assist Water Authorities in the financing of the construction of reclamation, irrigation, and other water-related projects, and to provide the Secretary of the Interior with the authority to administer such Fund.

Establishes the Water Project Insurance Fund to provide for the insurance of obligated payments to finance the costs of acquisition and construction of reclamation, irrigation, and other water-related projects. Authorizes the Secretary of the Interior to administer such Fund in accordance with provisions of this Act. Exempts projects funded under such Act from Federal reclamation laws unless such projects are otherwise subject to such laws.