The Structural Iron Workers Local Union No. 92 of Birmingham, Alabama requires employers of their union members to acquire a custom Wage and Welfare Surety Bond as an assurance that employee agreements will be honored and all earned compensation due will be paid out to the worker.
Jet Insurance Company offers the Structural Iron Workers Local Union No. 92 Wage and Welfare Bond to act as a financial guarantee for union members in cases of their employer failing to pay all earned salaries, wages, and/or benefits rightfully due.
The custom bond limit for the Iron Workers Wage and Welfare Bond is determined by the Union Board, and can be based on the amount of compensation expected to be earned by the hired union member of the employer.
At Jet, prices are based on a small percentage of the bond limit and the personal credit score of the applicant. Refer to the chart below for examples of custom bond limits and our preferred tier rates.
For custom bond limits over a $10,000 amount, Jet’s underwriters may require additional information such as business financials of the employer. This review process is easy and an approved rate will be sent over quickly for immediate purchase.
Applying for your Iron Worker Wage and Welfare Bond only takes a few minutes! Our online application will ask for some general contact information, the required bond limit, and your social security number for a soft credit check ⎼ but don't worry this won't have an affect on your personal credit score. Once submitted, a Jet underwriter will do a quick review of your application and immediately send over an approved rate. You can purchase your bond right away, and then Jet will send you over a digital copy and receipt.
The Structural Iron Workers Local Union No. 92 Wage and Welfare Bond form requires your original signature, as well as a signature from a present witness. After this step has been completed, the surety bond should be sent to the following mailing address.
Structural Ironworkers Local Union No. 92
2828 4th Avenue
Birmingham, AL 35233
So long as the Union Board requires you to have the bond for the use of it’s members the bond must be in place. Prior to the bond’s expiration you will have to renew the bond. Jet will send you over an invoice prior to this period, just fulfil the required payment and you're all set!
If you need to cancel your Iron Workers Wage and Welfare Bond prior to the bond term’s expiration date, please send an email to [email protected] requesting cancellation. Jet will proceed with sending such notice to the Union Board. If accepted, liability of your bond will be released within 30 days. Once the bond has been officially terminated, any available premium left on the bond will be returned to you.
Per the Union Board, the Structural Iron Workers Local Union No. 92 Wage and Welfare Bond is required to ensure that employers of their union members abide by all contractual agreements and properly compensate iron worker employees for their services. Meaning, all earned salaries, wages, and/or fringe benefits must be properly and promptly paid to the union member and, if applicable, pay dues directly to the union. If such compensation is not received, the iron worker may file a claim on the employer’s bond. The surety bond will cover what is owed to the employee for the work they performed. To avoid claims on your bond, simply honor your employee agreements and pay what is due to your employees.
If an official claim is filed on your bond, immediately contact Jet will all available claim documentation and information. The Jet team will begin a review and investigation of the bond claim. However, if the claim is found to be valid, Jet is legally obligated per the Structural Iron Workers Local Union No. 92 Wage and Welfare Bond form to make payment up to the bond limit.
As the claim was filed due to your failure to compensate your employees, you are ultimately responsible for reimbursing Jet for the paid out claim. An omission to do so will lead to future difficulties in obtaining Wage and Welfare Bonds in Alabama.
If you hire members from the Millwright Local Union 1192 and/or the International Brotherhood of Electrical Workers Local 136 Union, you are obligated to acquire such Wage and Welfare Bonds to their local unions.