How much does an insurance broker bond cost in South Carolina?
The South Carolina Department of Insurance requires insurance brokers to post $10,000 surety bonds.
SuretyBonds.com issues these bonds instantly for just $100—no underwriting required! Simply click Buy Now to visit our secure bond checkout where you can buy your bond directly from our site. In just a few minutes you can be on your way to becoming bonded as a South Carolina insurance broker.
|Bond Type||Bond Amount||Cost|
|$10,000 Insurance Broker Bond||$10,000||$100|
Why do I need this bond?
South Carolina insurance broker bonds are put in place to ensure that principals (insurance brokers) are held responsible for committing any violations of applicable insurance laws and regulations. This includes failing to properly transmit any payment received via cash or credit for transmission and committing any act of fraud in connection with an insurance transaction.
If the principal violates any of the bond’s provisions, valid claims may be filed against the bond. The surety will cover any damages up to the penal sum of the bond ($10,000), but the principal must pay the surety the equivalent sum of money in a timely manner.
What’s the fine print?
Insurance broker bonds in South Carolina remain in full force and virtue until canceled or claimed against. The surety’s liability under the bond can be terminated 30 days after the Director of Insurance receives written notice of cancellation from the surety or upon written authorization from the director to the surety.
How to become an insurance broker in South Carolina
In addition to posting a surety bond, applicants to become an insurance broker in South Carolina must complete the following requirements:
- Submit completed license application
- Successfully pass South Carolina broker licensing examination
- Pay biennial license fee
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