Iron Workers Local 1 wage bonds.
$10,000 flat.
An ironwork contractor signatory to the International Association of Bridge, Structural, Ornamental & Reinforcing Iron Workers Local No. 1 collective bargaining agreement files a $250,000 bond guaranteeing wage and fringe-benefit obligations to the Chicago-area local. Ours is $10,000 flat.
Trusted by industry leaders
How much does an Iron Workers Local 1 wage bond cost?
$10,000 at the $250,000 amount, the same for every applicant.
Three steps. One sitting.
Union wage bonds follow a short, standard process even at this bond amount. 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 1
Your executed bond and power of attorney arrive by email, ready to send to the Local 1 union office as proof of coverage. Wet-ink original mailed on request.
What it is and who needs it.
What the bond actually guarantees
The International Association of Bridge, Structural, Ornamental & Reinforcing Iron Workers, Local No. 1 — covering structural steel, ornamental, and reinforcing ironwork in the Chicago area — requires signatory contractors to post a bond backing their obligation to pay agreed union wages and fringe-benefit fund contributions under the Local's collective bargaining agreement (CBA). Reflecting the larger payrolls typical of structural steel work, the bond amount is set at $250,000.
It's a three-party arrangement: you (the principal), the surety carrier, and Iron Workers Local 1 or its jointly-administered benefit funds (the obligee), protecting the union ironworkers whose pay and benefits depend on the CBA being honored. If a signatory contractor falls delinquent on wages or fund contributions, the Local can make a claim against the bond.
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 $250,000 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 $250,000 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 1. Your executed bond and power of attorney arrive by email, ready to send to the Local 1 union office as proof of coverage. Wet-ink original mailed on request.
What sets the price
The premium is fixed at $10,000 at the $250,000 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 1.
$10,000 flat, soft pull only, bond often issued in the same sitting. Free until issued.