The Wage and Welfare Bond is required by the Southern States Millwright Regional Council, Chapter 1192 as a way to ensure the payment of all dues to the union and the pension fund. The bond is $30,000 for new members, but increases to $60,000 if there are late or missed payments.
Jet offers this bond as a guarantee that you will hold up your end of the agreement and contribute to the Millwright Local Union 1192.
The cost of the Wage and Welfare Bond starts at $600 per year for a $30,000 limit with Jet. The cost is dependent on the bond limit that is needed and a personal credit check. Additional information may be requested, if needed. The chart below shows preferred credit rates at both bond limits.
|Bond Limit||1 Year||2 Years|
Jet takes the guesswork out of the bonding process. You don’t need to worry about middlemen dragging out the process and adding on unnecessary fees just to fatten up their commission; you will work directly with a member of Jet Insurance Company.
When you apply for your Welfare Bond, you will fill out necessary business and contact information, and must provide a social security number to complete the soft credit check. Don’t worry, this won’t affect your credit score like a hard inquiry for a loan. Once it’s complete, a Jet team member will review the application; if additional information is needed, you will be contacted.
Once a quote is available, it will be emailed to you and you can purchase it right away. You will receive an emailed copy and receipt, and the original bond form will be mailed over. You must submit the bond according to the instructions given to you by the Millwright Union.
The bond is active for a full year, and can be renewed before the bond term is up. Jet will send you a notice (through mail and email) so you can renew your coverage ahead of time.
If you are no longer required to have a Welfare Bond on file or need to cancel the bond, simply send Jet a written notice, either by mail or email to [email protected]. We will notify the Union and they will begin the 30-day cancellation period. The first year of the bond is fully earned and a refund is not available even if the bond is no longer required. Bonds that are purchased for 2-year terms will be reviewed for a refund after the 30-day cancellation period has been completed.
Avoiding Welfare Bond claims is as easy as following the obligations listed on the bond. The bond holds the union member liable for paying:
If you receive a claim against your Millwright Welfare Bond for the failure to pay any of the dues listed above, notify Jet right away. Jet will collect information from you and the Millwright Union to check the validity of the claim. A valid claim will lead to Jet paying the Union in the amount that you were required to pay. This payment acts as an extension of your own credit and you must pay Jet back.
Even if you skip paying into the trust fund, you will still end up paying the amount after a bond claim, with some legal fees attached to that. It’s best to pay right away or as soon as you receive notice that payment was not received.