MD electrical fringe benefit bonds.
4% of the bond amount.

A contractor signatory to the IBEW Local Union No. 24 collective bargaining agreement pays monthly contributions into the Maryland Electrical Industry Funds — the Health Fund, Pension Fund, Severance and Annuity Fund, Vacation and Holiday Fund, and the National Electrical Benefit Fund. When the Funds require security for those payments, this bond backs it. Premiums cost 4% of the bond amount, $100 minimum, and the application collects no credit information.

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Runs to the Maryland Electrical Industry Funds at 5650 Belair Road, Baltimore — the trustees named as obligee

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Covers monthly contributions to five funds under the IBEW Local 24 collective bargaining agreement: health, pension, severance/annuity, vacation/holiday, and the national benefit fund

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4% of the bond amount, $100 minimum — no credit section in the application, priced at application

4%of the bond amount, $100 minimumSoft pull onlynever a hard inquiryFastinstant underwriting for most

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How it works

Apply to filed in 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:

TODAY · ONLINE

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.

INSTANTLY

Approved

The application collects no credit information, and most applications approve instantly — pricing is 4% of the bond amount, $100 minimum. Larger amounts may get a brief review; if a check ever runs, it is a soft pull that will not touch your score.

SAME DAY

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.

About this bond

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 collects no credit information.

Maryland Electrical Industry Funds bond agreement — IBEW Local 24 collective bargaining agreementThe bond form for the Maryland Electrical Industry Funds covers the National Electrical Benefit Fund, the Maryland Electrical Industry Health Fund, the Maryland Electrical Industry Pension Fund, the Maryland Electrical Severance and Annuity Fund, and the Local 24 IBEW Vacation and Holiday Fund under the applicable collective bargaining agreement, naming the Funds — at 5650 Belair Road, Second Floor, Baltimore, Maryland 21206 — as obligee. It requires monthly payment and reporting on or before the 15th day after the end of the covered month, permits the surety to cancel future liability on 90 days’ notice, and bars suit against the surety more than 12 months after the bond’s expiration or cancellation. This is a private contractual requirement arising under the collective bargaining agreement and the Funds’ Agreement and Declaration of Trust, not a Maryland statute. Confirm your required bond amount with the Funds office or IBEW Local 24.

You need this bond if you are

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A contractor signatory to the IBEW Local 24 agreement the Maryland Electrical Industry Funds have asked to post security

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Newly signatory to the collective bargaining agreement and the Funds require a bond before you begin remitting contributions

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Renewing an existing fringe-benefit bond before it lapses and interrupts your standing with the Funds

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Replacing a bond after a surety cancellation notice — sureties may cancel future liability on 90 days’ notice

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 →

FAQ

Common questions.

How much is the Maryland Electrical Industry Funds fringe benefits bond?Premiums cost 4% of the bond amount, with a $100 minimum. There is no published statutory schedule — the Funds’ trustees fix the amount for the contractor required to post it. Enter that figure and your exact price appears at the application.

What amount should I enter?Enter the bond amount stated on the notice or request from the Maryland Electrical Industry Funds office. If you have not received a specific figure, contact the Funds at 5650 Belair Road, Second Floor, Baltimore, Maryland 21206 before applying.

What does the bond guarantee?It guarantees your monthly contributions and reports to the Health, Pension, Severance and Annuity, Vacation and Holiday, and National Electrical Benefit funds under the IBEW Local 24 collective bargaining agreement. If a payment or report is more than 15 days late, the Funds can certify the delinquency and draw on the bond, up to its full penal sum, for the amount owed plus liquidated damages and collection costs.

Where do I file it?The executed bond and power of attorney go to the Maryland Electrical Industry Funds office at 5650 Belair Road, Second Floor, Baltimore, Maryland 21206. We email you the signed documents the same day so you can file promptly.

Is there a credit check?The application collects no credit information, and most applications approve instantly. Larger bond amounts may get a brief underwriter review — if a check ever runs, it is a soft pull that will not touch your score.

Related bonds

Other Maryland bonds.

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.

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MD electrical fringe benefit bonds.4% of the bond amount.