Unions want to make sure companies uphold union contracts. As a precaution, unions require any company that employs their members to have a surety bond in place. This bond makes sure the employer handles dues properly, pays and administers benefits, and in general honors all the terms of the union contract.
Unions want to make sure companies uphold union contracts. As a precaution, unions require any company that employs their members to have a surety bond in place. This bond makes sure the employer handles dues properly, pays and administers benefits, and in general honors all the terms of the union contract.
These bonds are required at the local level. Such a requirement prevents the national organization from collecting when a local union contract infraction takes place. This makes the bond unique in the fact that a local union shop will have its own formula to determine surety bond amounts. The local union will also have its own bond forms with specific requirements.
Wage and Welfare bonds are a type of financial guarantee bond. Such a bond isn’t easy to write with most surety companies. But, wage and welfare bonds are one of the few financial guarantee bonds that some sureties will consider. Our surety providers have the underwriting authority to place the bond regardless of a company’s credit or financial strength. We have the ability to quickly approve applications at very reasonable rates.
Surety Support Services provides employers with Wage & Welfare bonds so they can meet the needs of their unionized employees. Contact us today for more information . Suretyss.com.
Surety Support Services, provides surety solutions for your clients. As a surety only agency, we spend our time on bonds, giving you more time to do what you do best, insurance.