IBEW Local 124 fringe benefit bonds.
From $1,000.
IBEW Local Union No. 124 (Kansas City) requires signatory electrical contractors to post a fringe benefits bond guaranteeing timely contributions to the Local 124 benefit funds, administered through the Local 124 Benefit Center. The fund trustees set the amount. Premiums cost 4% of the bond amount, $1,000 minimum.
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How much does an IBEW Local 124 fringe benefit bond cost?
4% of the bond amount, from $1,000. Enter your amount in the calculator for the exact price.
Three steps. One sitting.
No long underwriting queue for the standard Local 124 fringe bond — enter your amount, pay, and provide the bond. Here is the whole thing:
Apply online
Your company details, the bond amount your Local 124 agreement requires, and the effective date — plus a one-time credit consent authorizing a soft pull only.
Approved
Most Local 124 fringe benefit bonds clear immediately — pricing is 4% of the bond amount, $1,000 minimum, and the credit consent authorizes a soft inquiry only that never affects your score. Larger amounts may get a brief review.
File with Local 124
Your executed bond and power of attorney arrive by email, ready to provide to the Local 124 Benefit Center. Wet-ink originals mailed on request.
What it is and who needs it.
What the Local 124 fringe benefit bond actually covers
IBEW Local Union No. 124 represents electrical workers in the Kansas City area, working under collective bargaining agreements with signatory electrical contractors. Those agreements obligate a signatory contractor to remit contributions to the jointly administered Local 124 benefit funds — pension, vacation and holiday pay, health and welfare, annuity, and 401(k) — managed through the Local 124 Benefit Center.
The fringe benefits bond backs that obligation. It is a three-party arrangement: you (the principal), the surety carrier, and Local 124 and its benefit funds (the obligee). If a signatory contractor fails to remit the required contributions on time, the funds can recover against the bond — and if the surety pays a claim, you repay the surety. It is not insurance for you.
The amount is set for your specific signatory agreement rather than published as one fixed figure across every contractor. Enter the bond amount your agreement or the fund trustees require; we price it from a $1,000 minimum, and the credit consent in the application authorizes a soft pull only that never touches 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 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 Local 124. Your executed bond and power of attorney arrive by email, ready to provide to the Local 124 Benefit Center. Wet-ink originals mailed on request.
What sets the price
The premium is 4% of the bond amount, $1,000 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, issued instantly.
These are the actual underwriting fields, including your required bond amount and a one-time credit consent authorizing a soft pull only. Submit once and your bond is typically issued the same day.
Start the application →Common questions.
Other Missouri bonds.
Price and requirements checked on the carrier’s application, . Page updated .
Your signatory status is waiting on one bond.
From $1,000, soft pull only. Enter your required amount and provide the bond to Local 124 the same day. Free until issued.