Bad weather insurance could be a sign of things to come following the apparent success of a novel deal between Corney & Barrow and insurers Enron.
The London wine bar chain earned £15,000 on several days when the temperature failed to reach 24C this summer. The temperature failed to reach the prescribed level on seven days between June 1 and the end of September but the total pay-out was not disclosed.
Corney plans to do the same thing again next year but would also like to introduce hours of sunlight into the equation. This type of arrangement could help to dilute the plethora of weather-related profit warnings in the pub and restaurant sector.
The London wine bar chain earned £15,000 on several days when the temperature failed to reach 24C this summer. The temperature failed to reach the prescribed level on seven days between June 1 and the end of September but the total pay-out was not disclosed.
Corney plans to do the same thing again next year but would also like to introduce hours of sunlight into the equation. This type of arrangement could help to dilute the plethora of weather-related profit warnings in the pub and restaurant sector.
