Chicago Jeweler Loses Snow Bet—and $151K He offered refunds if 3 inches fell; insurance company will pay By John Johnson, Newser Staff Suggested by Donald Posted Jan 2, 2014 3:41 PM CST 8 comments Comments Travelers at O'Hare International Airport in Chicago Thursday. (AP Photo/Nam Y. Huh) (Newser) – It was one of those weird promotions made during the heat of the holiday shopping season: "If it snows, it's free," promised a Chicago jeweler. That is, Rich Bennett pledged refunds to anyone who bought from his shop between Black Friday and Christmas Eve if it snowed more than 3 inches on the first morning of the new year. Final results: 3.7 inches by noon, $151,000 in refunds owed by Bennett, and 224 very happy shoppers, reports ABC News. Bennett, though, says he's happy with the way things turned out, and a story last week in the Chicago Tribune helps explain why: With the forecast then predicting snow, Bennett said that his insurance company would be the one picking up the cost if his gamble didn't pan out. "I'm not losing out on anything," he said. In fact, he and his wife are throwing a champagne party for the customers who participated.