It explicitly states that they will in fact refund. That does no good if you want the wine, though. I wouldn't hold my breath expecting a market price refund. The wording says "your payment" will be refunded to you, not that a market price refund will be made.
Of course, and also how much they value your business. If you buy futures every year and/or a lot of them then they are more likely to want to please you. They have no obligation to do so, however, at least under the terms of the futures contracts I have seen.
Retailers do this to protect themselves in case the person whose allocation they bought does in fact go bankrupt, commits fraud, or similar.
Think of the recent earthquake in Paso Robles. There are wineries there that sell allocations. It is entirely possible that those allocations may not now be filled in whole or in part. If, say, the allocations are only filled in part and thus the resulting market price of the wine is much higher than predicted you are crazy if you think that you will get a refund at the current market price for the part of your allocation that they were unable to deliver to you. You will get some of your allocation and your money back for the unfulfilled part. That's all, unless someone likes you and/or is feeling generous.
Dimitri