IBEW Local 508 fringe benefit bonds.
From $100.
IBEW Local Union No. 508 requires a signatory electrical contractor to post a fringe-benefits bond guaranteeing timely payment of union wages and contributions to the local's benefit funds under its collective bargaining agreement. Your fund administrator sets the amount. Premiums cost 4% of the bond amount, $100 minimum.
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How much does an IBEW Local 508 fringe benefit bond cost?
4% of the bond amount, from $100. Enter your amount in the calculator for the exact price.
Three steps. One sitting.
No long underwriting queue for the standard Local 508 fringe bond — enter your amount, pay, and provide the bond to the union. Here is the whole thing:
Apply online
Your company details, the bond amount Local 508 set, and the effective date — plus a one-time credit consent authorizing a soft pull only.
Approved
Most Local 508 fringe bonds clear quickly — pricing is 4% of the bond amount, $100 minimum, and the credit consent authorizes a soft inquiry only that never affects your score. Larger amounts may get a brief review.
File with Local 508
Your executed bond and power of attorney arrive by email, ready to provide to the union hall. Wet-ink originals mailed on request.
What it is and who needs it.
What the Local 508 fringe benefits bond actually guarantees
IBEW Local Union No. 508 represents electrical workers across a wide swath of coastal and southeast Georgia (and parts of neighboring South Carolina) from its Savannah hall. An electrical contractor that becomes signatory to the local's inside agreement takes on an ongoing obligation to remit union wages and fringe-benefit fund contributions — typically health & welfare, pension, and apprenticeship/training — on every hour its members work under the agreement.
The fringe-benefits bond backs that obligation. It is a three-party arrangement — you (the principal), the surety carrier, and Local 508 and its jointly administered benefit funds (the obligee) — and if a signatory contractor falls behind on wages or fund contributions, the union or fund trustees can claim against the bond. It is not insurance for you: if the surety pays a claim, you repay the surety.
There is no single statutory figure — the required bond amount is set by Local 508 or its fund administrator for your company, typically scaled to your workforce and payroll volume. Enter the amount stated on your bonding notice; we price the bond at 4% of that amount, $100 minimum, after a one-time credit consent that authorizes a soft pull only.
You need this bond if you are
Claims, renewal, filing, and what sets the price.
If a claim is made
A claim comes from the party the bond protects, the obligee named on the form, when the duty the bond guarantees is not met.
The surety investigates and pays a valid claim, up to the bond amount. You then repay the surety: a surety bond is a guarantee of your performance, not insurance for you.
Renewal and term
The premium covers a one-year term from the effective date you choose.
Renew before the expiry date to keep the bond in force: the license, permit or contract it backs expects continuous coverage.
How to file it
File with Local 508. Your executed bond and power of attorney arrive by email, ready to provide to the union hall. Wet-ink originals mailed on request.
What sets the price
The premium is 4% of the bond amount, $100 minimum: the amount the obligee sets moves the price, not your business profile.
One soft credit pull, never a hard inquiry, and it never affects your score.
Where a check runs, it decides approval; the rate is the same for everyone approved.
One application, issued instantly.
These are the actual underwriting fields, including your bond amount and a one-time credit consent authorizing a soft pull only. Submit once and your bond is typically issued the same day.
Start the application →Common questions.
Other Georgia bonds.
Price and requirements checked on the carrier’s application, . Page updated .
Your signatory status is waiting on one bond.
4% of the bond amount, $100 minimum. Enter your bond amount and provide the bond to Local 508 the same day. Free until issued.