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Classification Phraseology as of:
1/1/2018
 
Classification Code:
8808
 
Phraseology:
BANKS — all employees — including appraisers, bank guards and attendants, field auditors, office machine repair, Clerical Office Employees and Outside Salespersons
Footnote:

This classification applies to the operation of depository financial institutions that are licensed to perform financial services, including but not limited to accepting deposits, paying interest, clearing checks, making loans and exchanging currency. This classification also applies to depository financial institutions that operate entirely online or through electronic transactions.

The operation of properties away from the bank premises, including but not limited to trusts, repossessed properties and other business properties shall be separately classified.

Mortgage brokers shall be classified as 8743, Mortgage Brokers.

Mortgage bankers shall be classified as 8749, Mortgage Bankers.

Credit unions shall be classified as 8801, Credit Unions.

Check cashing locations at which the fees charged for check cashing, deferred deposit transactions, money orders and wire transfers equal or exceed 75% of gross receipts shall be classified as 8850, Check Cashers.

Approved Pure Premium Rate:
To learn how approved pure premium rates are different than insurer rates, click here.
Effective DatePure Premium RateNote
1/1/2018$0.63New/Renewal
7/1/2017$0.68New/Renewal
1/1/2017$0.74New/Renewal
Prior Phraseology and Footnote:
Shown below is the previously published phraseology and footnoteEffective Date

Phraseology:
BANKS — all employees — including appraisers, bank guards and attendants, field auditors, office machine repair, Clerical Office Employees and Outside Salespersons

Footnote:
This classification does not apply to the operation of trusts, repossessed and other business properties away from the bank premises.

1/1/2016
New Search

The Classification Search was developed by the WCIRB for your convenience to help you identify Standard Classifications based on keywords or a classification code. However, you cannot rely solely on the Classification Search and must make an independent assessment when determining the appropriate classification(s) assignable to a risk in accordance with the USRP.