EMPLOYERS AND OPERATING ENGINEERS LOCAL 520 HEALTH AND WELFARE FUND - $25,000 — required surety bond in Illinois. Apply online in minutes.
The Employers and Operating Engineers Local 520 Health and Welfare Fund bond is a type of union wage and fringe benefit surety bond. It serves as a financial guarantee that signatory employers will make their agreed-upon contributions to the union's health and welfare funds. If the employer fails to pay these required benefits, the bond provides a mechanism for the union to recover the missing funds.
This bond is typically required for contractors and employers in Illinois who have entered into a collective bargaining agreement with the Operating Engineers Local 520. Employers hiring union members under this specific local union's jurisdiction must secure this bond to maintain compliance with their contract.
The Operating Engineers Local 520 requires this bond to protect their union members' benefits and financial security. It ensures that the health and welfare fund remains fully funded according to the terms of the collective bargaining agreement. Exact bonding requirements vary, so employers should verify all details directly with the union prior to starting work.
Getting your bond through Noah Insurance Agency is simple. Click Apply Now to complete our secure, roughly 5-minute online application. Once approved and processed, your bond will be delivered directly to your email.
Premiums vary based on the employer's financial history, credit profile, and the specific bond amount required. Apply online with Noah Insurance Agency for an exact quote.
Required bond amounts vary depending on factors such as the number of union employees you hire or your estimated monthly fringe benefit contributions. Please verify your exact required amount directly with the Operating Engineers Local 520.
While exact approval times vary based on individual circumstances, completing our online application is the fastest way to proceed. Once approved, your bond is delivered quickly via email.
Yes, Noah Insurance Agency (814-718-0060) works with a large nationwide network of surety carriers to help applicants with varying credit histories secure the bonds they need.
Send us a note or call 814-718-0060 — a licensed agent will confirm the bond amount and requirements for you.
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