01/03/2014 03:22 pm ET Updated Jan 23, 2014

Rich Bennett, Chicago-Area Jeweler, Says He's 'Delighted' To Lose $150,000 Snow Bet [UPDATES]

A Chicago-area jewelry store's snow wager appeared set to cost him some $151,000 in refunds to his customers -- but the shop's insurer is reportedly refusing to pay up, putting the promotion on the fritz.

Rich Bennett, owner of P.K. Bennett Jewelers in suburban Mundelein, initially offered refunds to any customers who made purchases at his jewelry shop between Black Friday and Christmas Eve on one condition: if it snowed at least 3 inches the morning of New Year's Day, the Chicago Tribune previously reported.

Ahead of the new year, Rich and his wife Peggy Bennett told the Daily Herald they were "praying and doing our snow dance every day" with the hope that their customers would be able to take advantage of the unusual promotion. The shop's insurance company was set to cover the cost of the deal.

"We thought this would be a great way to build some excitement and have some fun during the Christmas season," Rich told the paper.

It was initially reported that 3.7 inches worth of snow fell at Chicago's O'Hare International Airport through noon on New Year's Day, meaning refunds were on the way, according to ABC News.

UPDATE: Jan. 4 -- Rich told the Tribune he is disappointed to report the shop's insurer, HCC Specialty Underwriters, is declining to issue the refunds because they believe not enough snow fell on New Year's Day at O'Hare.

On their Facebook page, the shop said on Friday they are looking to verify the snow measurement and thanked the community for its support.

Beyond the refunds, the shop had planned to hold a champagne party as a thank you for all its customers.



Chicago Hit With Snow, Extreme Cold