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How much does a wage payment bond cost in West Virginia?
The West Virginia Division of Labor requires employers who hire union members for certain types of construction work to post surety bonds. Wage payment collection bond amounts must be equal to the total of the employer’s gross payroll for four weeks at full capacity or production, plus 15% of the total of the employer’s gross payroll for four weeks. The amount will increase or decrease as the employer’s payroll fluctuates. The amount will not be decreased without the approval of the Commissioner. Applicants should verify their required bond amount with the state prior to bonding.
SuretyBonds.com offers issuing of one-year wage payment collection bonds in West Virginia for different costs depending on a review of each applicant’s credit report. The amount each principal will pay is subject to underwriting; therefore, the best way to find out exactly how much you’ll pay is to apply for a free bond quote now.
Call 1 (800) 308-4358, or submit a bond request, to get started. We can typically provide your free bond quote within one business day of submitting your application.
Why do I need this bond?
Wage payment surety bonds in West Virginia ensure that principals (employers) pay employee wages and fringe benefits when they are due as required by the Wage Payment and Collection Act.
If the principal fails to comply with these terms, the bond protects employees from financial loss up to the full bond amount. The principal must reimburse the surety for any damages paid out.
Get a free, personalized quote on a West Virginia wage payment collection bond when you work with the experts at SuretyBonds.com!
What’s the fine print?
West Virginia wage payment bonds remain continuous until canceled for a period of 5 years from the bond’s effective date. The surety can cancel the bond at any time by giving written notice of cancellation via certified mail (return receipt requested) to the Commissioner of the Division of Labor and the principal. Cancellation becomes effective 60 days after the postmarked date of the written notice.
These bonds must be acknowledged by a notary public.