The IBEW Local Union 48 requires union employing contractors to carry a Trust Funds Bond to guarantee payment of union obligations, such as: contributions, liquidated damages, interest, collection costs, and wage withholdings.
There are many advantages to working with Jet including: No fees, monthly payment options, and being able to buy the bond online in minutes!
We can offer low rates for this union wage and welfare bond at $20 monthly or $200 annually. The bond rate is based on the personal credit of the business owner. Bonds at a higher limit require business financials, and in some cases, personal financials as well. Below is an example of our rates at different bond limits to give you an idea of our pricing:
Jet has a no money down, no interest, monthly payment option that is one of a kind in surety bonds in addition to our low annual bond rates. Other brokers or agents offer payment plans with high down payments and APR, often through a third party financier that complicates obtaining the bond.
The bond amount for mortgage lenders in Oregon ranges from $50,000 to $200,000, which is based on the past four quarterly residential mortgage activity reports of condition submitted under Oregon Administrative Rules 441-865-0025. The Oregon DCBS will determine the bond amount based on submitted paperwork. Mortgage lender branches are covered under the company license bond. If you are applying for a new license, the bond amount always starts at $50,000.
Mortgage loan servicers need a different bond altogether, the Mortgage Servicer Bond, and license. Businesses originating and servicing the loan need both mortgage servicer and mortgage lender licenses and surety bonds.
Bond amount is based on size of business and total employees. IBEW Local Union 48 will advise as to the required bond amount.
Jet will file the bond on your behalf. The bond is sent to A & I Benefit Plan Administrators that process bond filing on behalf of the IBEW Local Union 48. If you need to send the bond yourself, mail it to the address below:
Oregon S.W. Washington Electrical Trust Funds
C/O A & I Benefit Plan Administrators
1220 S.W. Morrison St. Suite 300
Portland, Oregon 97205
You can avoid a bond claim by completing all payment obligations in a timely manner to S.W. Washington Electrical Trust Funds and employees covered by IBEW Local No. 48. All union members must keep up with the following payment obligations:
Keep in mind that the S.W. Washington Electrical Trust Funds include multiple funds the bond specifically names, see below. Make sure that any payment out to these funds is done appropriately where required.
Contact Jet upon receipt of a claim notice and reach out to Local Union 48 to see if you can rectify the problem. The IBEW Local Union 48 Trust Funds Bond is required to ensure contractors pay required union obligations. While Jet’s claims department works diligently on your behalf to protect you, there is not much room to argue against the union on whether or not payments were made.
We will inform your right away if IBEW Local Union 48 contacts us first about a bond claim. Our team is well-equipped and will do what is in your best interest. Keep in mind that if a Surety pays out on a claim, you are responsible to pay back the Surety for that amount. The bond is not like liability insurance that will cover accidental damages, you are responsible for all payment obligations with IBEW Local Union 48. The bond is simply a letter of credit guaranteeing that payments will be made.
Yes you can with Jet! We will file a cancellation notice to the union and return any unearned premium to you for bonds on annual terms. The bond has a 30-day cancellation provision meaning the bond will not cancel until 30 days after we request cancellation of the bond. Bond premium returns will take into account the 30 days when the bond is still active.
If you miss a monthly payment we will send you several notices before cancellation is filed. Life and business can get in the way and Jet’s team is understanding of that fact as we work with you on missed payments. Other carriers leave management of payments to third party financing companies who have no control over bond filing, leaving you to chase down who to make payment to, how to get a bond reactivated, and more often than not dealing with people who are indifferent if your bond is cancelled. At Jet we make it simple and do as much as we can to ensure your bond stays active.
Jet’s application is simple and takes just minutes to complete. Click the button below and provide the requested information about the business and Jet will take care of the rest!
PURCHASE WAGE & WELFARE BOND
If you are on monthly payments then you don’t have to worry about renewing your bond. As long as the automatic payment comes through the bond will remain current with IBEW Local Union 48. There is a 30-day grace period where the bond will remain active should a monthly installment be missed for any reason.
Contractors paying the bond on an annual basis need to submit payment before their renewal date. Don’t worry about putting this on your calendar as Jet will get a hold of you in plenty of time for you to make bond renewal payment.
If a new bond amount is required, just let us know and we will make the necessary change and get all updated paperwork filed as required by IBEW Local Union 48. An increase in the bond limit may result in an increase in premium. We will notify you of any adjustment to the annual or monthly payments.