Code 8855 applies to financial institutions that receive, lend, exchange, and safeguard money. It includes traditional saving and loan institutions, credit unions and commercial banks. Services include providing savings and checking accounts, certificates of deposit, safe deposit box rentals, and mortgages. This classification includes, but is not limited to, appraisers, bank managers, tellers, loan officers, security personnel, both armed and unarmed attendants, ushers, door attendants, runners, messengers, janitorial and maintenance personnel and real estate appraisers that are largely engaged in appraising the value of private dwellings. 

Customers of these institutions can be both commercial enterprises and individuals. These institutions generally employ tellers to assist, customers with opening accounts, making deposits or withdrawals, and loan officers who process loan applications and service accounts.

This classification also applies not only to “brick and mortar” banks but online banks as well. Online banks offer similar services, such as savings and checking accounts, certificates of deposit, and mortgages. Unlike traditional banks, but online banks may not have a physical location that customers can visit, but they primarily transactconduct business via the internet and by other means.

Additionally, Code 8855 includes the services of investment firms. These firms provide a variety of financial services, such as investment advice, portfolio management, and brokerage services. They assist clients in buying and selling securities, managing investment portfolios, and planning for financial goals like retirement or education. Investment firms cater to both individual investors and institutional clients, offering tailored financial strategies to meet diverse needs.

• Armored car crews – (not applicable to contractors who provide such services)

1. Check cashing establishments.  Refer to Code 8810 “Clerical Office Employees – NOC.”

2. Insurance companies that assume risk in exchange for premium.  Refer to Code 8723 “Insurance Companies & Clerical, Salespersons.”

3. Brokerage and financial consulting companies, credit card companies and credit collection agencies:
   1. For clerical office employees.  Refer to Code 8810 “Clerical Office Employees – NOC.”
   2. For outside salespersons.  Refer to Code 8742 “Salespersons, Collectors or Messengers – Outside.”

Standard Policy means the standard provisions of the “Workers’ Compensation and Employers’ Liability Insurance Policy” (WC 00 00 00 C) and the “Information Page” (WC 00 00 01 A) approved by the New York State Department of Financial Services. Every policy affording coverage under the New York State Workers’ Compensation Law must include the following endorsements and premium elements.

MANDATORY ENDORSEMENTS

*These endorsements are not mandatory for the Volunteer Firefighters’ Benefit Law Policy and the Volunteer Ambulance Workers’ Benefit Law Policy.

Premium for each classification shown in the policy is determined by multiplying the basis of premium by the carrier approved rate.

All premiums should be shown to the nearest dollar. A remainder of $.50 or more shall be rounded to the next higher dollar.