Maryland electrical fringe benefit bonds.
From $100.
When the Maryland Electrical Industry Funds require security, this bond backs the monthly contributions a contractor signatory to the IBEW Local Union No. 24 collective bargaining agreement pays into them. Premiums cost 4% of the bond amount, $100 minimum.
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How much does a Maryland electrical fringe benefit bond cost?
4% of the bond amount, from $100. Enter your amount in the calculator for the exact price.
Three steps. One sitting.
Enter the amount the Funds require, consent to a soft pull, and file the executed bond with the Funds office. Here is the whole thing:
Apply online
Your company details, the bond amount the Funds require, and the effective date — plus a one-time consent to a soft credit pull.
Approved
The application includes a one-time consent to a soft credit pull that never affects your score, and most applications approve instantly — pricing is 4% of the bond amount, $100 minimum. Larger amounts may get a brief review.
File with the Funds office
Your executed bond and power of attorney arrive by email, ready to file with the Maryland Electrical Industry Funds at 5650 Belair Road, Baltimore. Wet-ink originals mailed on request.
What it is and who needs it.
What the fringe-benefit bond actually guarantees
The Maryland Electrical Industry Funds is the umbrella name for the fringe-benefit trust funds that a contractor signatory to the IBEW Local Union No. 24 collective bargaining agreement must fund: the Maryland Electrical Industry Health Fund, the Maryland Electrical Industry Pension Fund, the Maryland Electrical Severance and Annuity Fund, the Local 24 IBEW Vacation and Holiday Fund, and the National Electrical Benefit Fund. The bond form itself names the Funds, at 5650 Belair Road, Second Floor, Baltimore, Maryland 21206, as the obligee.
A signatory contractor is obligated by the collective bargaining agreement to remit contributions and file detailed reports for each of those five funds every month, fully paid and completely filed on or before the 15th day after the end of the month for which they are due. This bond is a three-party guarantee — you (the principal), the surety, and the Funds (the obligee) — that stands behind that monthly obligation, not insurance for the contractor.
If a payment is not made or a report not filed by that 15th-day deadline, the amount becomes delinquent, and the full penal sum of the bond becomes payable to the Funds upon certification by the Funds’ Chairman and Secretary, or by the Business Manager of IBEW Local Union No. 24. The surety can then be refunded only after the contractor files the missing reports and the precise obligation is determined, net of liquidated damages, attorneys’ costs, accountants’ costs, and other collection expenses under the Agreement and Declaration of Trust. There is no published statutory formula for the bond amount — the Funds’ trustees fix the sum for the contractor required to post it. We price the bond from a $100 minimum, and the application includes a one-time consent to a soft credit pull that never affects your score.
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 the Funds office. Your executed bond and power of attorney arrive by email, ready to file with the Maryland Electrical Industry Funds at 5650 Belair Road, Baltimore. 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 the Funds require. Larger amounts may get a brief underwriter review, usually within 48 hours.
Start the application →Common questions.
Other Maryland bonds.
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Fringe-benefit bond, filed today.
Premiums cost 4% of the bond amount, $100 minimum. Enter the amount the Funds require and file the same day.