Underwriting
Underwriting Team
KRFSIF has a dedicated underwriting team with over 15 years combined experience in order to provide careful evaluation of new and existing members. It is important to have the integrity of underwriting present for the longevity of the KRFSIF program. Underwriting is a continuous and critically important part of KRFSIF management. The KRFSIF underwriting team understands the demands the retail and service industry operations must meet on a daily basis and will respond with a high sense of urgency.
Underwriting Guidelines
- Operations must engage in retail trade or related business. Excluded operations include, but are not limited to: Agricultural, Blasting, Heavy Construction, Drilling, Hazardous Waste Operations, Restaurant Delivery, Roofing and Trucking. (Please see class codes list for further information.)
- The prior three year’s average loss ratio should be 64% or less.
- Mod must be under 1.25.
- Preferably in operation for at least five years but will consider quoting new business with approved class code and extensive management experience.
- Applications not meeting the underwriting criteria may be approved by KRFSIF and the excess carrier.
- In order to receive coverage with KRFSIF, the employer company must be a member in good standing of the Kentucky Retail Federation. Quotes may be provided prior to the employers joining the Federation. However, in order for the Fund to write coverage, the company must join the Federation.
Underwriting Specifications
- Completed, signed application
- Copies of the last 4 years annual payroll audits or UI-3 form or 941s for the last 4 years if no NCCI Experience Mod Worksheet is available.
- A copy of the current NCCI Experience Mod Worksheet or the equivalent.
- Latest 3 year loss runs valued within 6 months of proposed effective date.
- Employee Concentration Supplemental Application. Provide number of employees by location, if more than 200 employees at one location.
- Company narrative or brochure
Writing the Right Class
As part of KRFSIF’s ongoing process to ensure quality and competitiveness within the market, we have recently re-evaluated our rate structure. Following is a comprehensive list of the approval codes that the Fund can bind workers’ comp coverage for.
Invisible
Approved Class Codes
CODE | CLASSIFICATION |
---|---|
0005 | Farm: Nursery |
0035 | Florist |
0042 | Landscape–Gardening & Drivers |
0050 | Farm Machinery Operation |
0908 | Private Residence–Inservants |
2003 | Bakery Driver |
2041 | Confection–MFG |
2388 | Embroidery–MFG |
2501 | Clothing & Umbrella MFG |
2570 | Mattress or Box Spring MFG |
2585 | Laundry |
2586 | Cleaning or Dyeing |
2589 | Laundry and Dry Cleaning |
2881 | Furniture and Assembling MFG |
2923 | Piano MFG |
3179 | Electrical Apparatus MFG |
3180 | Electric or Gas Light Fixtures |
3385 | Watch MFG |
3632 | Machine Shops |
3648 | Automotive Lighting MFG |
3685 | Instrument MFG |
4150 | Optical Goods MFG |
4299 | Printing |
4304 | Newspaper Publishing |
4352 | Engraving |
4361 | Photographer–All Employees |
4557 | Ink/Crayon/Pencil MFG |
4611 | Pharm Preparation MFG |
4635 | Oxygen or Hydrogen MFG |
5022 | Masonry NOC |
5183 | Plumbing NOC |
5190 | Electrical Wiring within Bldg |
5191 | Office Machine or Appliance |
5192 | Vending Machine Instalation |
5221 | Concrete or Cement Work |
5348 | Interior WK Tile Stone |
5403 | Carpentry NOC |
5437 | Carpentry–Installation |
5445 | Wallboard Installation |
5474 | Painting or Decoration |
5478 | Carpet/Linoleum & Flooring |
5537 | Heating & A/C Duct Workshop |
5606 | Contractor–Executive Supv |
5645 | Carpentry |
6217 | Excavation/Drivers |
6504 | Food Sundries MFG NOC |
7380 | Chauffeurs & Helpers |
7605 | Burglar Alarm Installer |
7610 | Television Broadcasting |
8001 | Florist Store & Drivers |
8002 | Automobile Rental Company |
8006 | Store–Grocery–Retail |
8008 | Store–Dry Goods, Etc.–Retail |
8010 | Store–Hardware–Wholesale/Retail |
8013 | Store–Jewelry–Wholesale/Retail |
8015 | Quick Print–Copy/Dup Service |
8017 | Store–Retail NOC |
8018 | Store–Wholesale NOC |
8021 | Meat, Fish & Poultry |
8031 | Store–Meat, Fish & Poultry |
8032 | Store–Clothing/Wearing Apparel |
8033 | Store–Meat/Grocery/Provisions |
8044 | Store–Furniture |
8045 | Store–Drug Store–Pharmacy |
8046 | Store–Automobile Accessories |
8047 | Store–Drug Wholesale |
8058 | Building Materials Dealers |
8072 | Store–Retail–Record, AC, AV |
8111 | Plumbers’ Supplies Dealer |
8116 | Farm Machinery Dealer |
8203 | Ice Dealer & Drivers |
8215 | Hay/Grain/Feed Dealers |
8232 | Lumber Yard |
8235 | Millwork Dealers |
8292 | Storage Warehouse |
8380 | Auto Service or Repair Center |
8393 | Auto Body Repair |
8720 | Engineer/Architect Consulting |
8742 | Salespersons |
8748 | Auto Sales/Service Agencies |
8755 | Labor Union |
8803 | Auditor–Accountants |
8810 | Clerical Office or Libraries |
8820 | Attorney |
8825 | Retire Living Center–Food SVC |
8826 | Retire Living Center NOC |
8831 | Hospital–Veterinary |
8832 | Physician & Clerical |
8833 | Hospital–Professional Employees |
8835 | Public Health Nurses Assoc. |
8855 | Banks & Trust Companies - All Employees |
8864 | Char/Welfare Org–Prof/Cler |
8868 | Schools–Professional |
8869 | Child Daycare Center–Prof/Cler |
9012 | Apart Prop Manager/Leasing Agent |
9014 | Buildings (by contractor) |
9015 | Building or Property Management - All Employees |
9016 | Amusement Park/Exhibition |
9052 | Hotels–All other Employees |
9058 | Hotels–Restaurant Employees |
9060 | Clubs–Country Golf/Fishing |
9061 | Clubs NOC & Clerical |
9082 | Restaurant–NOC |
9083 | Restaurant–Fast Food |
9084 | Bar, Disco, Nightclub, Lounge, Tavern |
9093 | Bowling Lane or Ice Rink |
9101 | Schools–All Other |
9102 | Park–All Employees |
9110 | Char/Welfare Org–All Other |
9154 | Theater–All Other Employees |
9220 | Cemetery Operation & Drivers |
9516 | Radio/TV/AV–Installation & Repair |
9519 | Household Appliances |
9521 | House Furnishing Installation |
9586 | Barber Shop or Beauty Parlor |
9620 | Funeral Director |
Phone
Fax
Amy Hawley
Ext. 1216
Email Our Underwriting Team
Underwriting FAQ’s
Does KRFSIF write new businesses?
What does KRFSIF need in order to provide a quote?
What benefits do members receive for joining Kentucky Retail Federation?
- Credit card/debit card services
- Discount shipping program
- Workers’ compensation
- Health insurance
- Property/casualty programs through State Auto with the potential for the member to earn dividends
*Please contact Cassie Grigsby for more information regarding KRF membership benefits.