Int'l Assoc. of Bridge, Structural, Ornamental & Reinforcing Iron Workers Local No. 1 - $30,000 — required surety bond in Illinois. Apply online in minutes.
The International Association of Bridge, Structural, Ornamental & Reinforcing Iron Workers Local No. 1 bond is a type of union wage and welfare bond. It serves as a financial guarantee that signatory contractors will properly remit union dues, employee wages, and fringe benefits as outlined in their collective bargaining agreement. If a contractor defaults on these obligations, the bond provides a mechanism for the union to recover the unpaid funds.
This bond is typically required for construction contractors and employers who hire members of the Iron Workers Local No. 1 union in Illinois. Any business entering into a collective bargaining agreement with this specific local union must usually secure this coverage before union members can be dispatched to their job sites.
The union requires this bond to protect its members from the financial harm of non-paying employers. It ensures that iron workers reliably receive their earned wages, health and welfare contributions, and pension benefits on time. By mandating this bond, the union secures the financial stability of its benefit funds and minimizes the risk of wage theft.
To get started, simply click the Apply Now button to complete our secure online application in about five minutes. Once submitted, our team at Noah Insurance Agency will review your information and provide a tailored quote. After your premium is paid, your official bond documents will be delivered directly to you by email.
The premium you pay is not a flat rate; it depends on the required bond amount, your personal credit score, and your business financials. Because pricing varies, you should apply online with Noah Insurance Agency to receive an exact quote based on your unique situation.
If you fail to remit required wages or fringe benefits, the union can file a claim against your bond to recover the missing funds. If the surety company pays out a valid claim, you are legally responsible for reimbursing the surety for the full amount paid.
No, requirements can vary widely depending on your specific contract terms and the total number of union employees you utilize. You must always verify your exact bonding requirements directly with the Iron Workers Local No. 1 before obtaining coverage.
Approval times vary depending on the underwriting process and the complexity of your application. For the most accurate timeline and to get the process started, complete an online application or call Noah Insurance Agency at 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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