IBEW Local 363 fund bonds.
$1,225 flat.
A fiduciary or fund official of the IBEW Local 363 Fringe Benefit Funds, the electrical workers' union welfare and pension trust funds, files this $30,000 bond under 29 U.S.C. § 1112, which requires every plan fiduciary and everyone who handles plan money to be bonded against fraud or dishonesty. Ours is $1,225 flat.
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How much does an IBEW Local 363 fund bond cost?
$1,225 at the $30,000 amount, the same for every applicant.
Three steps. One sitting.
A plan fidelity bond is one of the simpler filings in surety. Here's the entire process:
Apply online
Your details, an effective date, and a one-time consent to a soft credit pull. No financials, no lengthy underwriting queue.
Pay & e-sign
Filings like this are among the thousands of bond types that issue right after purchase. The credit consent authorizes a soft pull only — it never affects your score. Issued when you pay. One soft credit pull, never a hard inquiry, and it never affects your score.
File it
Your executed bond and power of attorney arrive by email, ready to file with the Local 363 Fringe Benefit Funds office or keep on record as your fiduciary bond. Wet-ink original mailed on request.
What it is and who needs it.
What the bond actually guarantees
ERISA — the federal Employee Retirement Income Security Act — requires every fiduciary of an employee benefit plan, and every person who handles plan funds or other property, to be bonded under 29 U.S.C. § 1112. The rule applies to trustees, fund officials, and staff of the IBEW Local 363 Fringe Benefit Funds — the multi-employer welfare and pension trust funds that provide benefits to the union's members, administered from the Funds office in Harriman, NY.
It's a three-party arrangement: you (the principal, the bonded fiduciary or fund official), the surety carrier, and the plan itself as the obligee. The statute sets the bond at not less than 10% of the funds handled in the prior reporting year, with a $1,000 floor and a $500,000 ceiling — the Funds office has this filing written at a fixed $30,000 for the covered role. If a bonded person commits fraud, theft, or dishonest conduct that costs the plan money, the plan can recover against the bond.
It is not insurance for you — if the surety pays a claim, you repay the surety. It must stay active while you handle plan funds, so confirm your renewal date with the Funds office and we'll track it from there.
You need this bond if you're
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 $30,000 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; a longer term is the same price per year, chosen at checkout.
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 it. Your executed bond and power of attorney arrive by email, ready to file with the Local 363 Fringe Benefit Funds office or keep on record as your fiduciary bond. Wet-ink original mailed on request.
What sets the price
The premium is fixed at $1,225 at the $30,000 amount for every applicant: the carrier’s rate book prices this bond by the form, not by your credit or 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, quick turnaround.
These are the actual issuing fields — your details, an effective date, and a consent that authorizes a soft credit pull only.
Start the application →Common questions.
Other New York bonds.
Been told you need a different amount?
Price and requirements checked on the carrier’s application, . Page updated .
Get your plan fidelity bond in place today.
$1,225 flat, soft pull only, bond often issued in the same sitting. Free until issued.