IBEW Local Union No. 595 Wage and Welfare Bond
Strengthen your business-employee relations through this surety bond! Find out how below!!
What is an IBEW Local Union No. 595 Wage and Welfare Bond?
When an employer contracts with one of the 2,000 members of the International Brotherhood of Electrical Workers Local 595, the said employer will be asked to obtain this surety bond in lieu of a cash deposit.
This bond will ensure that the employer will do well on his or her promise when paying the wages and contributions stated in the International Brotherhood of Electrical Workers Local 595 collective bargaining agreement.
Some of the contributions include the following:
- National Electric Benefit Fund
- National Electrical 401k Plan
- Sound and Communications Health and Welfare Plan
- Sound and Communications Pension Plan
- Optum Member Assistance Program
The International Brotherhood of Electrical Workers Local 595 is one of the biggest IBEW locals in Northern California. IBEW Local 595 covers the County of Alameda, County of San Joaquin, and the County of Calaveras.
How does an IBEW Local Union No. 595 Wage and Welfare Bond work?
This bond will make it possible for the employer (Principal of the bond) to provide the Obligee with the assurance of the surety (surety bond provider) that the employer will pay the required contributions.
The obligee of this bond is the Custodian of Fringe Benefits for the Principal and the International Brotherhood of Electrical Workers Local 595. If the principal defaults on the pre-determined obligations, the obligee will have the right to be compensated.
The obligee will first have to file a bond claim. This will signal the surety to investigate the claim. The surety will ensure that the necessary procedures and remedies will be done in accordance with the bonded agreement. If a claim is settled, the principal will have to reimburse the surety after the obligee has been paid.
How much does an IBEW Local Union No. 595 Wage and Welfare Bond cost?
The bond premium or the amount that the employer must pay the surety will depend on two factors:
- The employer’s credit score
- The bond amount
The bond amount is $25,000. The employer will only need to pay a small percentage of the total bond amount.
The bond amount will range from 2% to 8% of the bond amount depending on your credit score.
How can I get an IBEW Local Union No. 595 Wage and Welfare Bond?
- APPLY FOR THIS BOND THROUGH THIS LINK.
- Provide the necessary information needed for the underwriting process such as the following:
- Your financial capability
- Your business or job performance history
- Your credit score
Our expert underwriter will carefully evaluate all three in order to attain the best credit decision possible. Please provide the required documents as soon as possible to avoid delays.
- You’ll receive your bond immediately once the indemnity agreement has been signed.
Ready to start? APPLY HERE!