Michigan IBEW Local 58 bonds.
From $100.

An electrical contractor signatory to International Brotherhood of Electrical Workers Local 58 posts this bond to guarantee its fringe-benefit contributions to the Electrical Workers’ Insurance Fund. It is a collective bargaining obligation, not a Michigan license requirement. Premiums cost 4% of the bond amount, $100 minimum.

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Runs to the union and the trustees of the Electrical Workers’ Insurance Fund named in your agreement

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Backs the health, pension, annuity and other fringe-benefit contributions your reports declare each month

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One soft credit pull — never a hard inquiry, and it never affects your score

From $1004% of the bond amount, $100 minimumSoft pull onlynever a hard inquiryFastinstant underwriting for most

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Price

How much does a Michigan IBEW Local 58 bond cost?

4% of the bond amount, from $100. Enter your amount in the calculator for the exact price.

How it works

Three steps. One sitting.

Signatory paperwork usually has a deadline attached, so this one is built to move: enter the amount, pay, and send the executed bond to the fund office. Here is the whole thing:

TODAY · ONLINE

Apply online

Your company details, the bond amount your agreement names, an effective date, and the credit consent that authorizes a soft pull. That is the application.

INSTANTLY

Issued

Most applications approve instantly. The credit consent authorizes a soft inquiry that never affects your score, and no hard inquiry ever runs on this bond.

SAME DAY

Send it to the fund office

Your executed bond and power of attorney arrive by email, ready to go to the Electrical Workers’ Insurance Fund office. Wet-ink original mailed on request.

About this bond

What it is and who needs it.

What the fringe-benefit bond actually guarantees

When an electrical contractor signs the IBEW Local 58 agreement, it agrees to pay negotiated hourly contributions into the Electrical Workers’ Insurance Fund on top of wages, covering health, pension, and other fringe benefits for its Local 58 workforce in the Detroit area.

Those contributions are not the contractor’s money to hold. ERISA § 515, 29 U.S.C. § 1145, makes an employer that is obligated to contribute to a multiemployer plan under a collectively bargained agreement pay in accordance with that agreement, and 29 U.S.C. § 1132(g)(2) puts real teeth behind a successful collection suit — unpaid contributions, interest, liquidated damages, and the fund’s attorney fees and costs. Trust funds sue delinquent contractors in federal court on exactly that basis, and a delinquency usually surfaces only after the hours have already been worked.

The bond is how the fund shortens that gap. Rather than chase a contractor after the fact, the trustees hold a surety’s promise that a stated sum stands behind the monthly remittance reports — so health eligibility and pension credit for the crew do not depend on the contractor’s cash position in a slow quarter. It is not insurance for you: if the surety pays the fund, you repay the surety. Keep it continuous for as long as you are signatory.

IBEW Local 58 collective bargaining agreement · ERISA § 515 (29 U.S.C. § 1145)This is a private, contractual bond — Michigan has no statute requiring it. The obligation comes from the collective bargaining agreement between a signatory electrical contractor and IBEW Local 58, together with the trust agreement governing the Electrical Workers’ Insurance Fund; the obligee named on the bond is the union or the trustees of that fund, so confirm the exact wording with the fund office before the bond is issued. The federal backdrop is ERISA § 515, 29 U.S.C. § 1145, which requires an employer obligated to contribute to a multiemployer plan under a collectively bargained agreement to make those contributions in accordance with the agreement, and ERISA § 502(g)(2), 29 U.S.C. § 1132(g)(2), which awards unpaid contributions, interest, liquidated damages and fees in a successful collection action; suits on the agreement itself are brought under LMRA § 301, 29 U.S.C. § 185.

You need this bond if you are

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Becoming signatory to IBEW Local 58 and the agreement conditions it on a fringe-benefit contribution bond

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A contractor from outside the jurisdiction taking work covered by the Local 58 agreement

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Replacing an expiring or cancelled bond so your signatory status is never uncovered

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Increasing the bond amount after your covered payroll or monthly contributions grew

After you buy

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

Issued. Most applications approve instantly. The credit consent authorizes a soft inquiry that never affects your score, and no hard inquiry ever runs on this bond.

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.

These are the actual issuing fields. The credit consent authorizes a soft pull only — a soft inquiry that never affects your score.

Start the application →

FAQ

Common questions.

How much is the IBEW Local 58 fringe-benefits bond?Premiums cost 4% of the bond amount, with a $100 minimum. Enter the penal sum your agreement or the fund office names and your exact price appears at the application.

What amount should I enter?The figure your collective bargaining agreement or the fund office specifies. Contribution bonds are typically sized off covered payroll and the monthly contribution volume the fund expects from you, so the number is specific to your shop — ask the fund office if your paperwork is silent.

What does the bond guarantee?That the fringe-benefit contributions your monthly remittance reports declare actually reach the Electrical Workers’ Insurance Fund. If they are not paid, the trustees can recover against the bond instead of waiting on a federal collection suit.

Do I pay the full bond amount?No. You pay the premium only. The bond amount is the surety’s maximum exposure if the fund makes a valid claim — it is not a deposit, and nobody holds your money.

Is there a credit check?Yes: one soft credit pull, never a hard inquiry, and it never affects your score.

Which A-rated carriers underwrite these bonds?Typically Arch Insurance Company (A.M. Best A+) or Nationwide Mutual Insurance Company (A.M. Best A). Which one writes your bond depends on the bond type and your state. The carrier's name and official signature are printed on the bond you receive.

How do I contact Light RFP about this bond?Email insurance@lightrfp.com. It reaches the bond team at Light RFP Risk Management Services LLC (NY DFS License # PC-1978982). Write to us about quotes, applications, bond forms or certificates. We will respond within 24 hours.

Related bonds

Other Michigan bonds.

Price and requirements checked on the carrier’s application, 8 October 2026. Page updated 9 October 2026.

Signatory paperwork waiting on one bond.

Enter the amount the fund office named, see your exact price at the application, and send the executed bond the same day. Free until issued.

Start application

Michigan IBEW Local 58 bonds.From $100.