Washington Assignment of Account or Time Deposit for Insurance — PropertDamageag— - WA State Banks Only is a type of insurance policy that provides protection against losses caused by property damage. This type of coverage is available only to Washington state-chartered banks and is typically offered as part of a package deal with other forms of insurance. The policy provides protection against losses that may occur due to physical damage to property (including buildings, furniture, fixtures, equipment, and records) as well as indirect losses that may result from interruptions to business operations. The policy also includes coverage for legal liability in the event of negligence resulting in property damage. There are two types of Washington Assignment of Account or Time Deposit for Insurance — PropertDamageag— - WA State Banks Only: assignment of account and time deposit. Assignment of account is a form of insurance that requires the insured to assign accounts to the insurer as security for the policy. Time deposit is a type of insurance in which the insured deposits a certain amount of money with the insurer to cover the cost of any claims that may arise.