IBEW Local 150 wage & fringe bonds.
$2,000 flat.
An electrical contractor signatory to the IBEW Local 150 collective bargaining agreement, covering the collar counties around Chicago, files a single $50,000 bond guaranteeing both wages and fringe-benefit contributions. Ours is $2,000 flat.
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How much does an IBEW Local 150 wage & fringe bond cost?
$2,000 at the $50,000 amount, the same for every applicant.
Three steps. One sitting.
Union wage and fringe bonds follow a short, standard process. Here's the entire thing:
Apply online
Business details and an effective date. That's the application — no financials, no lengthy underwriting file.
Pay & e-sign
Bonds like this are among the thousands of bond types that issue right after purchase. Issued when you pay. One soft credit pull, never a hard inquiry, and it never affects your score.
File with Local 150
Your executed bond and power of attorney arrive by email, ready to send to the Local 150 fringe benefit funds office as proof of coverage. Wet-ink original mailed on request.
What it is and who needs it.
What the bond actually guarantees
IBEW Local 150 — the electrical workers' local covering the counties and municipalities around Chicago outside the city itself — requires signatory contractors to post a single bond backing both wage payments and fringe-benefit contributions (health & welfare, pension, and training-fund payments) under the Local's collective bargaining agreement (CBA). The combined amount is set at $50,000.
It's a three-party arrangement: you (the principal), the surety carrier, and Local 150 or its jointly-administered benefit funds (the obligee), protecting the union electricians whose pay and benefits depend on the CBA being honored. If a signatory contractor falls delinquent, the Local notifies the surety under the bond and can make a claim.
It is not insurance for you — if the surety pays a claim, you repay the surety. The bond must stay in force for as long as you remain a signatory employer, so we track it and notify you 60 and 30 days out to keep your $50,000 filing continuous.
You need this bond if you're
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 $50,000 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; a longer term is the same price per year, chosen at checkout.
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 150. Your executed bond and power of attorney arrive by email, ready to send to the Local 150 fringe benefit funds office as proof of coverage. Wet-ink original mailed on request.
What sets the price
The premium is fixed at $2,000 at the $50,000 amount for every applicant: the carrier’s rate book prices this bond by the form, not by your credit or 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 issuing fields — a short credit consent, business details, and an effective date.
Start the application →Common questions.
Other Illinois bonds.
Been told you need a different amount?
Price and requirements checked on the carrier’s application, . Page updated .
Stay in good standing with Local 150.
$2,000 flat, soft pull only, bond often issued in the same sitting. Free until issued.