Maryland IBEW Local 24 wages & dues bonds.
From $100.
An electrical contractor signatory to the IBEW Local Union No. 24 agreement posts this bond so the wages, union dues checkoff, and benefit-fund contributions it owes reach the local and its funds. It is a collective bargaining obligation, not a Maryland licensing requirement. Premiums cost 4% of the bond amount, $100 minimum.
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How much does a Maryland IBEW Local 24 wages & dues bond cost?
4% of the bond amount, from $100. Enter your amount in the calculator for the exact price.
Three steps. One sitting.
The IBEW Local 24 wage and dues bond has no long underwriting queue for the standard amount — enter your figure, consent to a soft pull, and file with the local. Here is the whole thing:
Apply online
Your business details, the bond amount Local 24's office named, the effective date, and a one-time consent to a soft credit pull — that is the application.
Priced and issued
The premium is 4% of the bond amount, $100 minimum. Most signatory contractors approve quickly; the soft credit pull informs approval and never affects your score.
File with IBEW Local 24
Your executed bond and power of attorney arrive by email, ready to send to IBEW Local Union No. 24's office. Wet-ink originals mailed on request.
What it is and who needs it.
What the IBEW Local 24 wages & dues bond actually does
When an electrical contractor signs the IBEW Local Union No. 24 inside agreement — Local 24 is headquartered in Baltimore, with additional offices serving Maryland's Eastern Shore and Frederick — it takes on negotiated wage rates, union dues checkoff, and employer contributions to the local's benefit funds on top of wages. A wage and dues bond, sometimes called a union security bond, is the assurance a fund office or local can require a signatory contractor to post before it dispatches workers, or when a contractor has a history of late reports.
The bond guarantees that wages, dues checkoff, and fund contributions reported each pay period actually reach the local and the funds they are owed to. If a signatory contractor becomes delinquent, the local or its trustees can make a claim against the bond, up to the bonded sum, to recover the shortfall — the surety then seeks reimbursement from the contractor. It is a three-party arrangement: you (the principal), the surety carrier, and IBEW Local Union No. 24 (the obligee); it is not insurance for you.
This is a private, contractual bond, not a Maryland licensing or state-agency requirement — no Maryland department issues it or receives it. The obligation runs from the collective bargaining agreement between the contractor and Local 24, and the bond form typically leaves the covered sum for the local's fund office to set, sized to the contractor's payroll and expected contribution exposure rather than a flat statutory number. We price the bond from a $100 minimum at 4% of the amount the fund office sets, and the application includes only a soft credit consent — never a hard inquiry.
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 IBEW Local 24. Your executed bond and power of attorney arrive by email, ready to send to IBEW Local Union No. 24's office. 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.
Priced at the application.
These are the actual underwriting fields, including the one-time soft credit consent. Submit with the bond amount Local 24's office named — the premium is 4% of that amount, $100 minimum.
Start the application →Common questions.
Other Maryland bonds.
Price and requirements checked on the carrier’s application, . Page updated .
File your Local 24 wages & dues bond today.
4% of the bond amount, $100 minimum. Enter the sum the local's office named and send it the same day. Free until issued.