IBEW 481 wage & welfare bonds.
4% of the bond amount.

IBEW Local Union No. 481 — headquartered in Indianapolis and representing electrical workers across central Indiana — requires signatory electrical contractors to post a wage and welfare bond guaranteeing union-scale wages and contributions to the local's benefit funds. This is a private requirement of Local 481's collective bargaining agreement, not an Indiana statute. Premiums cost 4% of the bond amount, $100 minimum. Enter the amount your signatory agreement requires and your exact price appears at the application.

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Required by IBEW Local Union No. 481 as a condition of signing its collective bargaining agreement

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Guarantees union-scale wages and fringe benefit fund contributions — health & welfare, pension, and apprenticeship training

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From $100, priced at 4% of the bond amount — enter your required figure and see your price at application

4% rate$100 minimum, by bond amountInstantapproval for mostSoft pull onlynever a hard inquiry

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How it works

Apply to filed in one sitting.

No long underwriting queue for the standard wage and welfare bond — enter your amount, consent to a soft pull, and file with the local. Here is the whole thing:

TODAY · ONLINE

Apply online

Your company details, the bond amount your Local 481 agreement requires, and the effective date — plus a one-time consent to a soft credit pull.

FAST REVIEW

Approved

Most wage and welfare bonds clear quickly. The application includes a credit consent, but it authorizes a soft pull only — a soft inquiry that never affects your score. Larger amounts may get a brief review.

SAME DAY

File with the local

Your executed bond and power of attorney arrive by email, ready to file with IBEW Local 481 so your signatory status stays current. Wet-ink originals mailed on request.

About this bond

What it is and who needs it.

What the wage & welfare bond actually guarantees

IBEW Local Union No. 481 is the Indianapolis-headquartered affiliate of the International Brotherhood of Electrical Workers, representing more than 4,500 union members across central Indiana. Contractors who sign Local 481's collective bargaining agreement agree to pay union-scale wages and to remit contributions to the local's fringe benefit funds — health & welfare, pension, and apprenticeship and training.

The wage and welfare bond backs those obligations for a signatory contractor. It is a three-party arrangement: you (the principal), the surety carrier, and IBEW Local 481 and its benefit funds (the obligee / protected parties). If a signatory contractor fails to pay covered wages or remit fund contributions, the local and its funds can recover against the bond.

It is not insurance for you — if the surety pays a claim, you repay the surety. This is a private contractual requirement of the collective bargaining agreement, not an Indiana statute, so the amount is set per contractor by the local rather than a fixed public figure. Enter the amount your signatory agreement calls for; premiums price at 4% of that amount, $100 minimum, and the application includes a credit consent that authorizes a soft pull only.

IBEW Local Union No. 481 — collective bargaining agreementThis bond is required by IBEW Local Union No. 481 as a condition of a contractor's signatory status under its collective bargaining agreement, guaranteeing payment of union wages and fringe benefit fund contributions. It is a private union requirement, not an Indiana statute. Confirm the required bond amount and filing form directly with IBEW Local 481 or its benefit funds administrator.

You need this bond if you are

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An electrical contractor signing the CBA with IBEW Local Union No. 481

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Employing Local 481 electricians and required to bond your wage and welfare obligations

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Renewing your signatory status with a wage and welfare bond that is expiring

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Bidding union electrical work in Indianapolis or elsewhere in Local 481's jurisdiction that conditions the job on this bond

One application, then a quick review.

Submit the application with the bond amount your Local 481 agreement requires. Most clear quickly; larger amounts may get a brief underwriter review, usually within 48 hours.

Start the application →

FAQ

Common questions.

How much is the IBEW Local 481 wage and welfare bond?Premiums cost 4% of the bond amount, with a $100 minimum. The amount itself is set by IBEW Local Union No. 481 per contractor under its collective bargaining agreement — there is no single fixed figure. Enter the amount your signatory agreement requires and your exact price appears at the application.

What amount should I enter?The bond amount your Local 481 signatory agreement or the benefit funds office told you to post. If you're unsure, ask your Local 481 representative or the benefit funds administrator before applying — we price whatever figure you enter.

What does the bond guarantee?That your company pays union-scale wages and remits contributions to Local 481's benefit funds — health & welfare, pension, and apprenticeship training. If you fall short, the local and its funds can claim against the bond, and if the surety pays, you repay the surety.

Is there a credit check?The application includes a credit consent, but it authorizes a soft pull only — a soft inquiry that never affects your score. No hard inquiry ever runs on this bond. Larger bond amounts may get a brief underwriter review.

Where do I file it?With IBEW Local Union No. 481 directly, or its benefit funds administrator, as part of your signatory contractor paperwork. Your executed bond and power of attorney arrive by email, ready to file — wet-ink originals mailed on request.

Related bonds

Other Indiana bonds.

Local 481 signatory status waiting on one bond.

Premiums from $100, priced at 4% of the bond amount. Enter your required figure and file with the local the same day.

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