Illinois Ironworkers Local 1 officer bonds.
$1,200 flat.
Federal law requires an officer, agent, or employee of Ironworkers Local No. 1 in Chicago who handles the Local's funds to be individually bonded against loss from fraud or dishonesty. This is the $30,000 tier of that bond, and ours is $1,200 flat.
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How much does an Illinois Ironworkers Local 1 officer bond cost?
$1,200 at the $30,000 amount, the same for every applicant.
Three steps. One sitting.
Filing an LMRDA officer & employee bond is straightforward once you know your tier. Here's the entire process:
Apply online
Business and applicant details, plus a one-time consent to a soft credit pull. That's the application.
Pay & e-sign
Bonds at this fixed tier 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 keep on file for Ironworkers Local No. 1 and, on request, for DOL/OLMS review. Wet-ink original mailed on request.
What it is and who needs it.
What the bond actually guarantees
The Labor-Management Reporting and Disclosure Act (LMRDA), 29 U.S.C. § 502, requires every officer, agent, shop steward, or other representative or employee of a labor organization who handles its funds or property to be bonded against loss from fraud or dishonesty. The bond's amount is fixed at not less than 10% of the funds the covered person (and any predecessor) handled in the preceding fiscal year, capped at $500,000, and written by a corporate surety holding U.S. Treasury Circular 570 authority. The U.S. Department of Labor's Office of Labor-Management Standards (OLMS) administers this requirement.
It's a three-party arrangement, but the obligee here is the Local itself: Ironworkers Local No. 1, the Chicago-based ironworkers local (obligee), you as the bonded officer or employee (principal), and the surety carrier. If a bonded person commits a fraudulent or dishonest act that causes the Local a financial loss, the Local can make a claim against the bond up to its face amount.
It is not insurance for you — if the surety pays a claim, you repay the surety. This is the $30,000 tier: the fixed amount and price here match an officer or employee whose calculated exposure under the LMRDA formula falls at this level. Confirm your required tier with Local 1's financial officers before you apply — we also write the $75,000 tier for larger exposure.
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 $30,000 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 keep on file for Ironworkers Local No. 1 and, on request, for DOL/OLMS review. Wet-ink original mailed on request.
What sets the price
The premium is fixed at $1,200 at the $30,000 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, quick turnaround.
These are the actual issuing fields, including a one-time consent to a soft credit pull that never affects your score.
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 .
Get your Local 1 bond on file today.
$1,200 flat, soft pull only, bond often issued in the same sitting. Free until issued.