C. W. Olson & Co. was founded in 1893 as a general insurance agency. Our agency wrote the very first wage and welfare bond in 1933. During the early years of our agency business, C.W. Olson drafted the very first bond form upon which all current forms are based. We have been specializing in these bonds since we opened our doors, and through the years we have written more of these bonds than any other organization. C.W. Olson is the leading provider of wage and welfare benefits bonds in the tri-state area. Because of our experience and expertise in this business for the last 70 years, the sureties we represent have granted us full underwriting authority to bind coverage. All underwriting and claim processing services are handled in our office in Rolling Meadows, IL.

In the early 1960’s C.W. Olson pioneered the concept of issuing a master wage and welfare bond to trade unions, thereby lowering costs by utilizing the same advantages of economy of scale, ease of administration and spread of risk that insurance companies provide for group life and health coverages. C.W. Olson was the first agency to issue a Master Bond.

This ability to bind contractors for wage and welfare benefits on our own authority has proven to be a tremendous advantage to contractors when lead time is critical. It means bond coverage can be approved on the same day of application. This translates to fewer problems for the Locals and more work opportunities for union members.

In addition, our specialty business is providing wage and fringe benefit surety bonds to contractors who hire union members of electrical, plumbing, sheet metal, iron workers, pipefitters, laborers, painters, carpenters, and other building trade unions. (A contractor must comply with the terms of their Bargaining Agreement which requires that contractors guarantee wages and fringe benefits contributions via a surety bond. If a contractor defaults, the bond will pay the wages and make the contributions. This is the concept of Surety.)