A Wage and Welfare surety bond is a bond required by a union to guarantee payment of union dues and benefits by companies that contract with the union for services by its members. Typically, each union has their own language and dues or benefits being covered by the bond. Thus, a separate bond will be needed for each union a business contracts services through. If the principal fails to pay union dues for a given time period, the union can file a claim on the bond and collect their dues. Because of this a wage and welfare bond is considered strict financial guarantee surety bond and as such can be difficult to place, especially for people with less than stellar credit. Since they are more difficult to write, it is better to obtain these bonds from agency that specializes in surety bonding, like Alpha Surety & Insurance Brokerage.
Please Note: If you submit an application and Alpha Surety’s review of your credit determines that we cannot write the bond for you with our markets, we will be happy to refer you to someone who can. If you know that your credit is less than stellar, please call us at 800-901-3099 for an immediate referral.