IBEW Local No. 102 - Wage & Benefit Bond — required surety bond in New Jersey. Apply online in minutes.
The IBEW Local No. 102 Wage and Benefit Bond is a financial guarantee required from employers who hire union members under a collective bargaining agreement. It ensures that the employer fulfills their contractual obligations to pay proper wages, union dues, and fringe benefits. If the employer defaults on these payments, the bond provides a mechanism to compensate the union and its electrical workers.
Electrical contractors and employers who enter into a labor agreement with IBEW Local No. 102 in New Jersey typically need to secure this bond. It is generally required before union electricians can be dispatched to a job site. Because requirements vary based on the size of the workforce and the specific contract, employers should verify their exact bonding needs with the union.
IBEW Local No. 102 requires this bond to protect its members from financial loss if a contractor fails to pay wages or make required contributions to health, welfare, or pension funds. The bond guarantees that a third-party surety company will step in to cover these unpaid dues and benefits up to the bond's penal sum. This mandate provides essential financial security and stability for union workers and their families.
To secure your bond, click Apply Now to complete our secure, five-minute online application. Once your application is reviewed and finalized, your bond will be delivered quickly via email. If you have questions during the process, contact Noah Insurance Agency at 814-718-0060 for nationwide support.
The premium for this bond varies depending on the required bond amount and the financial credentials of the applicant. To find out your exact cost, please submit our quick online application for a customized quote.
Bond amounts are typically based on the number of union members you employ or the estimated monthly fringe benefit contributions. Because these requirements vary, you must verify the exact bond amount you need directly with IBEW Local No. 102.
If the union files a claim for unpaid wages or benefits, the surety company will investigate the validity of the claim. If proven valid, the surety will compensate the union up to the full bond amount, and you will be legally responsible to reimburse the surety company for all payouts.
Yes, wage and benefit bonds generally must remain active for the entire duration of your collective bargaining agreement with the union. Renewal terms vary, so please verify your specific contractual requirements with the obligee.
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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