IBEW Local No. 124 - Fringe Benefits — required surety bond in Missouri. Apply online in minutes.
The IBEW Local No. 124 Fringe Benefits Bond is a type of surety bond designed to guarantee that signatory employers remit required benefit contributions on time. It acts as a financial guarantee that employee benefits, such as health, welfare, and pension funds, are paid to the union trust as agreed upon in a collective bargaining agreement.
Contractors and employers who hire union electrical workers from the International Brotherhood of Electrical Workers (IBEW) Local No. 124 typically need this bond. It is generally required by the union before an employer can become a signatory contractor and officially employ its members in Missouri.
The union requires this bond to protect its members and the integrity of its benefit trust funds from potential employer defaults. If an employer fails to pay the required fringe benefits, the bond provides a mechanism for the union to recover the missing funds, ensuring workers receive their earned benefits.
To get started, simply click Apply Now to complete our secure, five-minute online application. Once your application is finalized, your bond will be delivered directly to you by email. If you need assistance, contact Noah Insurance Agency nationwide at 814-718-0060.
Premium costs vary based on the specific bond amount required by the union and the applicant's financial and credit history. To get an exact premium figure, you will need to apply online.
Bond amounts typically vary depending on the number of union workers you employ and the terms of your collective bargaining agreement. You must verify your specific bond amount requirement directly with the IBEW Local No. 124.
Yes, applicants with less-than-perfect credit can often still secure a bond, though their premium rates may vary. Noah Insurance Agency works with a wide network of surety carriers nationwide to find bond options for various financial backgrounds.
The duration of the bond varies based on the terms established by the union and the issuing surety company. Typically, you will need to renew the bond periodically to maintain compliance with your collective bargaining agreement.
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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