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What is a New York Wage and Welfare Bond?

New York Wage and Welfare Bond

In New York, wage and welfare bonds may be known by many different names such as fringe benefit bonds, wage bonds, or union bonds. These surety bonds play an important role in the negotiation process between unions and employers. Wage and welfare bonds provide financial guarantees to unions and employees, ensuring that employers offer the wages, salaries, fund contributions, and benefits packages that were agreed upon.

These bonds help unions in New York have peace-of-mind in knowing that an employer will fulfill its commitments. This is why unions often require wage and welfare bonds as a part of a fair negotiation process. In the event of an employer failing to meet the contractual requirements laid out, the bond can be used to settle claims for lost wages, salaries, and other benefits. Each New York union bond is unique, depending on the specific situation and requirements of the union.

To understand how this type of surety bond works, it's helpful to look at the three parties involved:

  • First, there's the principal, or the entity that needs to be bonded. In this case, it's the company that is looking to hire union members.
  • Next, the obligee is who requires the bond. In this case, it's the union.
  • Finally, the surety is the one who underwrites and issues the bond and helps settle claims if needed.

When Do I Need a New York Wage and Welfare Bond?

If you're a company in New York that is looking to hire employees that are union members, it's likely that you'll encounter wage and welfare bonds as a part of the collective bargaining process. The specific requirements of the bond are unique to each union, based on the needs of employees.

How Much Does a Union Bond Cost in New York?

There are many factors that go into determining the premium cost of a surety bond. Your credit, bonding history, and business type are all considerations that affect the likelihood of a claim being made, which in turn can affect price of the surety bond. These types of bonds are typically quoted between 3% and 5% of the bond amount. Quotes can come in both lower and higher that that range however, depending on the credit standing of the applicants. We offer a poor credit surety bond program for those looking to rebuild their credit.

New York wage and welfare bonds are considered high risk because they involve direct financial reimbursement for lost compensation. At Viking Bond Service, we're committed to providing employers with the union bonds they need at the best terms available. Our New York surety bond experts are here to help you get the bonds you need, from start to finish.

How to Get a Wage and Welfare Bond in New York

It's important to work with a dependable surety bond provider. is determined to provide businesses with superior surety bond solutions, whatever their needs are. We fuse together the experience of an industry leader with the local insights of our surety bond experts to get you the bonds you need, at a great value. We help businesses all around New York connect the dots when it comes to working with unions. Give us a call at 1-888-278-7389 or complete an application online to get started today!

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