Illinois Iron Workers Local 1 wage & welfare bonds.
$5,000 flat.
A contractor signatory to International Association of Bridge, Structural, Ornamental & Reinforcing Iron Workers, Local Union No. 1 can be required to post a wage and welfare bond securing the wages and fringe-fund contributions its agreement requires. This tier is a fixed $125,000 bond, and the premium is $5,000 flat.
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How much does an Illinois Iron Workers Local 1 wage & welfare bond cost?
$5,000 at the $125,000 amount, the same for every applicant.
Three steps. One sitting.
No long underwriting queue for a standard wage & welfare bond — apply, consent to a soft pull, and file with Local 1. Here is the whole thing:
Apply online
Your company details and the effective date — plus a one-time consent to a soft credit pull. No financials, no follow-up scavenger hunt.
Pay & e-sign
Bonds at this tier clear quickly for most applicants; the soft pull never affects your score. 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 file with the union or its trust fund office so your CBA obligations are on record.
What it is and who needs it.
What the wage & welfare bond actually guarantees
International Association of Bridge, Structural, Ornamental & Reinforcing Iron Workers, Local Union No. 1 represents structural and reinforcing ironworkers in the Chicago area, with its local office in Forest Park, Illinois. A contractor who signs the collective bargaining agreement with Local 1 agrees to pay covered wages and to make contributions to the union's health & welfare, pension, and related trust funds on behalf of the ironworkers it employs.
The wage & welfare bond is Local 1's financial backstop for that promise. Unlike insurance, which protects the contractor, this bond protects union members — if a signatory contractor fails to remit wages or fringe contributions the CBA requires, the union or trust fund can make a claim against the bond up to its penal amount, and the contractor repays the surety for anything paid out.
Local 1 sizes the required bond to the contractor's headcount rather than writing one flat figure for every signatory. This page is the $125,000 tier, filed by contractors with roughly 21–40 covered employees; smaller and larger crews are filed at other tiers Local 1 or its trust fund administrator sets. This is not a government-mandated bond — no Illinois statute requires it. Confirm which tier your agreement calls for with Local 1 or the trust fund office before you apply.
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 $125,000 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 file with the union or its trust fund office so your CBA obligations are on record.
What sets the price
The premium is fixed at $5,000 at the $125,000 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, including a one-time consent to a soft credit pull. The pull never affects your score, and your price — $5,000 flat for this tier — is fixed.
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 .
Signatory status, bonded today.
$5,000 flat for the $125,000 tier, soft pull only. Apply and file with Local 1 the same day. Free until issued.