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South Carolina Insurance Broker Bond

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 credit check required! Simply click “Buy Now” to visit our secure purchase portal 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
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

Call 1 (800) 308-4358 or click here to connect with one of our surety experts who will set you up with the surety bond you need right away!

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 violated. 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 do the following:

  • Submit a completed license application
  • Successfully pass the South Carolina broker licensing examination
  • Pay the biennial license fee

Ready to get started?

South Carolina Department of Insurance Broker Bond form

Chapter 45. Insurance Brokers and Surplus Lines Insurance

Title 38 - Insurance Chapter 45. Insurance Broker and Surplus Lines Insurance

South Carolina Department of Insurance Broker Licensing Requirements

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