Illinois Iron Workers Local 63 wage & welfare bonds.
From $100.
A contractor who signs a collective bargaining agreement with Architectural Iron Workers Union Local No. 63 can be required to post a wage and welfare bond securing the wages and fringe-fund contributions the agreement obligates the contractor to pay. Premiums cost 4% of the bond amount, $100 minimum.
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How much does an Illinois Iron Workers Local 63 wage & welfare 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 a standard wage & welfare bond — enter your amount, consent to a soft pull, and file with Local 63. Here is the whole thing:
Apply online
Your company details, the bond amount Local 63 or the fund administrator required, and the effective date — plus a one-time consent to a soft credit pull.
Approved
Most wage & welfare bonds this size clear quickly; the soft pull never affects your score. Larger amounts may get a brief underwriter review.
File with Local 63
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
Architectural Iron Workers Union Local No. 63 has represented architectural and ornamental ironworkers in the Chicago area since 1903 and today counts more than 130 signatory contractor relationships. A contractor who signs the collective bargaining agreement 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 63'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.
This is not a government-mandated bond — no Illinois statute requires it. It is a private condition of doing signatory work with Local 63, imposed by the union and its trust fund administrator, who also set the required amount for your company. Confirm the figure your agreement calls for; we price whatever amount you enter.
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 63. 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 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, then a quick review.
These are the actual underwriting fields, including a one-time consent to a soft credit pull. The pull never affects your score, and your price — from a $100 minimum — is set at application.
Start the application →Common questions.
Other Illinois bonds.
Price and requirements checked on the carrier’s application, . Page updated .
Signatory status, bonded today.
4% of the bond amount, $100 minimum, soft pull only. Enter your required amount and file with Local 63 the same day.