IBEW Local No. 150 - Wage and Fringe Benefit ($50,000) — required surety bond in Illinois. Apply online in minutes.
The IBEW Local No. 150 Wage and Fringe Benefit Bond is a financial guarantee required of employers utilizing union electrical workers. It ensures that union members receive all negotiated wages, fringe benefits, and associated dues on time. If an employer defaults on these payments, the bond provides a mechanism for the union to recover the missing funds.
Electrical contractors and business owners who hire members of the International Brotherhood of Electrical Workers Local No. 150 in Illinois generally need this bond. It is typically required before an employer can officially execute a collective bargaining agreement with the local union.
The local union requires this bond to protect electrical workers from unpaid labor, unremitted dues, and lost benefits. It acts as a safety net, ensuring that the obligee can collect funds if a contractor faces financial difficulties and fails to meet their payroll obligations. Specific requirements vary, so employers should always verify details directly with the union.
Getting your bond is easy—simply click Apply Now to access our secure, approximately 5-minute online application. Once processed by Noah Insurance Agency, your official bond documents will be delivered directly to your email. You can then submit the digital copy or print it as required by the union.
Premiums vary based on the required bond amount, the applicant's credit history, and business financials. Please apply online with Noah Insurance Agency for an exact quote.
Bond amounts are determined by the union and typically depend on the number of union employees you hire or your expected payroll. Because requirements vary, you must verify your specific required amount directly with the issuing agency.
Approval times vary depending on underwriting and the specifics of your application. Submit our secure online application to receive your exact processing timeline and terms.
For any questions or assistance with the bonding process, you can reach Noah Insurance Agency nationwide by calling 814-718-0060.
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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