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Ohio Local 18 Union Wage and Welfare Bond
The International Union of Operating Engineers (IUOE), Local 18 of Ohio requires employers of their union members to acquire a Local 18 Union Wage and Welfare Bond, formally referred to as the International Union of Operating Engineers, Local 18 Fringe Bond.
Jet Insurance Company provides the Local 18 Union Wage and Welfare Bond as an assurance to the Ohio IUOE, Local 18 that appropriate contributions will be made to the Operating Engineers Trust Fund for each hour paid for and performed by employed operating engineer union members. The surety bond acts as financial guarantee in cases of the employer failing to uphold such obligations.
What Is the Custom Limit and Price of the Ohio Wage and Welfare Local 18 Union Bond?
According to the International Union of Operating Engineers, Local 18, the custom limit of the Wage and Welfare Local 18 Union Bond is based on the number of operating engineer union members under employment of an Ohio individual or company ? a $10,000 bond limit is required for 1 to 20 hired members, and a $25,000 limit is required for more than 20 hired union members.
At Jet, prices are based on a small percentage of the bond limit and the personal credit score of the applicant. Those seeking a $10,000 bond amount can pay as low as $250 annually for their bond. Please refer to the chart below for additional custom bond limits and our preferred tier rates.
| Bond Limit | Cost |
|---|---|
| $10,000 | $250 |
| $25,000 | $500 |
For higher custom bond limits, Jet’s underwriters may require additional information beyond what is given in our bond application such as business financials of the employer. But don't worry, this review process is handled by one of our underwriters and an approved rate will be sent over right away for immediate purchase.
The International Union of Operating Engineers, Local 18 Fringe Bond Process With Jet
Applying for the Ohio Wage and Welfare Local 18 Union Bond only takes a few minutes for the $10,000 limit bond! Our online application will ask for your contact information, the required bond limit, and your personal social security number. A soft credit check will be run to get you an approved rate, but don't worry, this won't affect your current score. Once submitted and reviewed, approved price options will be ready for your immediate purchase. Simply fulfill payment and receive an emailed copy of your bond and receipt right away.
The $25,000 bond limit will need to be reviewed by one of our underwriters at Jet, who will contact you shortly after the online application is complete if we need more information to offer you a bond rate.
Jet can file your bond for you to the Local No. 18! However, if you would prefer to file the bond yourself, this option can be selected at checkout. The original, signed, and sealed Ohio Wage and Welfare Local 18 Union Bond must be filed with the IUOE Local 18 Headquarters.
The surety bond and any additional paperwork should be sent to the following mailing address:
IUOE Local 18 Headquarters
3515 Prospect Avenue
Cleveland, OH 44115
The Local 18 Union Wage and Welfare Bond must remain active for as long as you are employing union members, so signatory contractors with permanent staff will eventually need to renew the bond. Same for out of town employers if a project lasts over a year. With this in mind, Jet has created an easy renewal process. A renewal invoice will be sent to you via email and mail prior to your bond term’s expiration date, just fulfill standard payment and you're all set!
If you need to change your bond amount upon renewal or simply have a question, just send a message to [email protected] or call us at 855-296-2663.
Regarding cancellations, this can be taken care of by Jet at any time. Just send a written cancellation request to the email address listed above and we will begin the bond termination process. Notice of your bonds cancellation will be sent to the Ohio International Union of Operating Engineers. Once received, liability of your bond will be released within 30 days.
As for refunds, if Jet finds any unused premium available on your bond, a reimbursement will be sent to you once the official cancellation has gone through. Bonds covering a single project that are completed under one year cannot be cancelled or refunded once on file with the local union
How Does an Ohio Employer Avoid Local 18 Union Wage and Welfare Bond Claims?
Companies in Ohio who employ members of the International Union of Operating Engineers, Local 18 are expected to make contributions to the Operating Engineers Trust Funds for each hour paid to said employee for all engineering work performed. Failure to fulfill this standard obligation may result in the IUOE Local 18 Board filing a claim on the employers Wage and Welfare Local 18 Union Bond.
The IUOE Local 18 Board will send your surety provider (Jet) a bond claim notification within 15 days of discovering any committed violations. It is in your best interest to try and resolve this problem before a costly bond claim is officially filed.
If a claim is filed, immediately contact Jet with all available information. We will brief you on how our claim process works and then will proceed to run our own investigation of the accused violation. However, if the claim is found to be justified, Jet is legally obligated per the International Union of Operating Engineers, Local 18 Fringe Bond to make payment for the claim amount, but not to exceed the bond limit.
As the claim was filed due to your failure to fulfill union obligations, you are ultimately responsible for reimbursing Jet for the paid out claim. An omission to do so will lead to future difficulties in acquiring Wage and Welfare Bonds in Ohio.
