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Big Money Comes Around Goes Around by The Weater

Posted May. 04, 2001 11:06,   


When Children`s day is rainy, the play-parks are crying. The business of the golf course and the resorts is also dependent on the weather condition. The only prayer of these businesses are to maintain a certaing amount of sale even when it rains on Children`s day.

However, Everland the representative of this business in Korea has no axiety since it has furchased a `weather insurance` for the case that it might rain on Children`s day. It payed 1,367,000 won for its insurance premium. Everland might be payed back maximum up to 5 billion won.

The article of the weather insurance covers up to 70 percent when it rains more than 1 mm the Kwanchul-dong observatory station, Seoul, from 5 a.m. to noon on weekends and holidays during the period of April through June. The maximum compensation will not exceed 300 thousands won on Saturdays and 900 thousands on Sundays and other holidays.

Everland has not yet received any compensation because of the fine weather through April to May 3. The Meterological Administration forecasted the high possiblity of raining on Children`s day (May 5-6). So whether Everland will receive compensation has become an interesting gossip. Everland will be payed back 30 percent of premium in case of no rain until the end of June.

Everland payed 110 thousand won as a premium and got 100 thousands won payed back as a compensation last year. However, on the contrary to Everland, Samsung Fire And Marine and Korean Reinsurance Company is worried about raining on the holidays.

Hong Chan-Sun hcs@donga.com