How much does an electrical workers’ union bond cost in Missouri?
The Local No. 1 International Brotherhood of Electrical Workers’ collective bargaining agreement (CBA) states that any person looking to hire an electrical worker from the union must post a surety bond. The bond amount varies based upon the number of employees being hired. The exact amount is determined by the union and must be large enough to cover the wage and fringe benefits the employees would receive if they were working for the union directly. The price you’ll pay for this bond is subject to underwriting and depends on your personal credit report.
For each additional 25 employees over 100, an additional $85,000 will be added to the bond requirement.
We suggest leaving the price determinations up to our bond experts. Our team of specialists works hard to get our customers the best available price for the bond they need. Apply now for a free, personalized bond quote!
Why do I need this bond?
Local No. 1 IBEW CBA bonds act as a guarantee that the principal (employer) will fully pay electrical workers all dues detailed in the collective bargaining agreement. It will also allow the union to file a claim against the bond in the event of financial loss resulting from a principal’s unethical and unlawful business practices.
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What’s the fine print?
This bond is required by the Local No. 1 IBEW of Missouri. Electrical union bonds are continuously effective until canceled. If the bond is to be canceled, the surety must give the employer and the state at least 45 days of notice prior to cancellation.
