Will anyone insure it?

Katie Chapman at the Dom Post reports:

Workers sporting bright orange safety vests have appeared on the hill beside the Miramar Cutting as work to erect the controversial sign begins.

But those opposed to the sign are not giving up, with another drive-by protest planned at the airport tomorrow.

Workers were abseiling on the hillside yesterday, as survey work to mark out positions for the 3.5-metre-high letters began.

The work comes as Wellington International Airport, which is erecting the sign to promote Wellington’s film industry, remains determined to build it, despite calls for the plan to be ditched.

If they persist with the sign as Wellywood, they will be destroying the brand and corporate reputation of the Airport.

And I would be surprised if any insurer was willing to insure the sign. Look for example at the iPredict contract on the sign:

In the event construction of a Wellywood sign commences but at no time does the complete word ‘Wellywood’ appear, for any reason including complete destruction of one or more letters, then this contract will close at $0. Defacement including graffiti will not prevent this contract closing at $1. In the event of part destruction of one or more letters, iPredict will, at its sole discretion, close the contract based on whether it considers a person not previously aware of the sign could reasonably read the word ‘Wellywood’.

When the futures market has to specify rules around possible destruction and defacement, it gives you some idea of its likely fate.

And think of the poor Police, if the sign is destroyed. They’d have around 100,000 suspects to interview.

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