New York electrical payroll bonds.
From $100.
The Joint Industry Board of the Electrical Industry requires each contractor signatory to the IBEW Local Union No. 3 agreement to post a payroll-deductions bond, in an amount it sets. The bond guarantees the contractor remits the dues and benefit contributions it withholds from workers' pay. Premiums cost 2% of the bond amount, $100 minimum.
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How much does a New York electrical payroll bond cost?
2% of the bond amount, from $100. Enter your amount in the calculator for the exact price.
Three steps. One sitting.
No long underwriting queue for the standard payroll-deductions bond — enter your amount, consent to a soft pull, and send the bond to the JIB. Here is the whole thing:
Apply online
Your company details, years in business, the bond amount the JIB specified, and the effective date — plus a one-time consent to a soft credit pull.
Approved
Most payroll-deductions bonds clear quickly; the soft pull informs approval and never affects your score. Larger amounts may get a brief review, usually within 48 hours.
Send to the JIB
Submit the executed bond to the Joint Industry Board to complete or maintain your signatory registration. Wet-ink originals mailed whenever the JIB insists.
What it is and who needs it.
What the payroll-deductions bond actually guarantees
The Joint Industry Board of the Electrical Industry is the joint-management trust that administers wages, benefits, and dues collection for electrical contractors signatory to the IBEW Local Union No. 3 collective bargaining agreement in New York City and the surrounding area. Every signatory contractor withholds union dues and fringe-benefit contributions from its electricians' pay each period and remits them to the JIB on the union's payroll cycle.
This is a private, contract-based requirement arising from the collective bargaining agreement between the union and signatory employers — not a New York statute. The bond stands behind the contractor's duty to actually turn over what it withholds: if a contractor deducts dues and benefit contributions from a worker's check and fails to remit them to the JIB, the union's trust funds can claim against the bond, and the surety recovers from the contractor if it pays.
The Joint Industry Board sets the required bond amount for each signatory contractor based on payroll and deduction volume — there is no single published figure. Enter the amount on your JIB registration or renewal notice; we price it from a $100 minimum, and the application includes a one-time soft-pull credit consent 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
Send to the JIB. Submit the executed bond to the Joint Industry Board to complete or maintain your signatory registration. Wet-ink originals mailed whenever the JIB insists.
What sets the price
The premium is 2% 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 underwriting fields, including a one-time consent to a soft credit pull. Larger amounts may get a brief underwriter look, usually within 48 hours.
Start the application →Common questions.
Other New York bonds.
Price and requirements checked on the carrier’s application, . Page updated .
JIB registration, one bond away.
Premiums from $100. Enter the amount the Joint Industry Board set and send the executed bond to them the same day.