IKORCC wage, welfare & fringe bonds.
From $100.
The Indiana Kentucky Ohio Regional Council of Carpenters (IKORCC), now branded the Central Midwest Regional Council of Carpenters, requires signatory LLC and corporate contractors to post a wage, welfare & fringe bond guaranteeing union-scale wages and benefit fund contributions. Premiums cost 4% of the bond amount, $100 minimum.
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How much does an IKORCC wage, welfare & fringe 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 the standard wage, welfare & fringe bond — enter your amount, consent to a soft pull, and file with the council. Here is the whole thing:
Apply online
Your LLC or corporation's details, the bond amount your agreement requires, and the effective date — plus a one-time consent to a soft credit pull.
Approved
Most wage, welfare & fringe 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.
File with the council
Your executed bond and power of attorney arrive by email, ready to file so your signatory status stays current. Wet-ink originals mailed on request.
What it is and who needs it.
What the wage, welfare & fringe bond actually guarantees
The Indiana Kentucky Ohio Regional Council of Carpenters (IKORCC) is the same union that now operates as the Central Midwest Regional Council of Carpenters (CMRCC) — an affiliate of the United Brotherhood of Carpenters and Joiners of America, headquartered in Greenwood, Indiana, representing more than 35,000 tradespeople across dozens of locals in Indiana, Ohio, and Kentucky. This bond form still carries the council's prior name because many signatory contractors' existing paperwork references it that way.
The wage, welfare & fringe bond conditions itself on the principal paying wages, welfare fund contributions, pension fund contributions, and any other contributions or deductions the collective bargaining agreement specifies for covered union members — failing which the obligation stays in force and the council or its funds can claim against the bond. It is a three-party arrangement: you (the principal), the surety carrier, and the council and its funds (the obligee / protected parties).
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 bond limit is set by the council per contractor to cover the wages and contributions your crew generates. 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.
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 term is set on the carrier’s application; the premium covers the period shown there.
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 the council. Your executed bond and power of attorney arrive by email, ready to file so your signatory status stays current. Wet-ink originals mailed on request.
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.
Submit the application with the bond amount your council agreement requires. Most clear quickly; larger amounts may get a brief underwriter review, usually within 48 hours.
Start the application →Common questions.
Other Indiana bonds.
Price and requirements checked on the carrier’s application, . Page updated .
Council signatory status waiting on one bond.
Premiums from $100, priced at 4% of the bond amount. Enter your required figure and file with the council the same day.