Via Steve Roman, The Atlanta Journal – Constitution:

[&#8230-] Atlanta hair salon owners Ray Luciano and Spencer Malay recently reeled in a bundle — tens of thousands of dollars — after taking out insurance-like coverage called &#8220-weather derivatives.&#8221- Their Buckhead salon does well when it rains, drawing walk-ins and overflow from the nearby mall and movie theater. &#8220-If it&#8217-s a sunny day, they [shoppers] tend to do outside stuff, not go to the movies, not go shopping, not get their hair done,&#8221- Luciano said. [&#8230-] In the last nine months, the owners at Spencer Malay Hair have taken out four contracts, and Lady Luck has smiled on them three times. The most recent was for the holiday season between mid-November and just before Christmas. &#8220-We put a dry-season contract on it because we hired a couple of new stylists,&#8221- Luciano said. The proceeds, which he declined to talk about in detail, allowed them to &#8220-pay our staff while business was not as good as good as it could have been.&#8221- [&#8230-]

Previously: Eric Zitzewitz on WeatherBill

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