IBEW Local No. 468 - Wage and Welfare — required surety bond in Connecticut. Apply online in minutes.
The IBEW Local No. 468 Wage and Welfare Bond is a type of union surety bond required for certain employers in Connecticut. It guarantees that an employer will make timely and accurate payments for union members' wages, fringe benefits, and union dues. This bond acts as a financial safeguard for the electrical workers against employer default or bankruptcy.
Contractors and employers in Connecticut who hire members of the International Brotherhood of Electrical Workers (IBEW) Local No. 468 typically need this bond. It is generally required as a condition of entering into or maintaining an active collective bargaining agreement with the union.
The union requires this bond to protect its members from financial losses caused by unpaid wages and unremitted benefit contributions. It ensures that the employer upholds the financial obligations stipulated in their labor contract. If an employer fails to pay the agreed-upon compensation, the union can file a claim against the bond to recover the owed funds for the workers.
To get started, simply click Apply Now to access our secure online application. The process takes about 5 minutes to complete with Noah Insurance Agency. Once processed and approved, your bond will be delivered directly to you by email.
Bond premiums vary based on the required bond amount and the applicant's financial credentials. To get an exact figure for your business, please apply online for a quote from Noah Insurance Agency.
Bond amounts fluctuate depending on the number of union employees you hire and the specific terms of your collective bargaining agreement. Always verify your exact requirement directly with IBEW Local No. 468.
Approval times can vary depending on individual underwriting factors and the details of your application. Submit an online application with Noah Insurance Agency or call 814-718-0060 to start the process and receive your quote.
If you fail to pay union wages or benefits, the union can file a claim against your bond to recoup the missing funds. If the surety company pays out a valid claim, you are legally responsible for reimbursing them for the full amount.
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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