South Carolina Premium Service Company Bond Guide
If you’re applying for an insurance premium service company license in South Carolina, you’ll need this surety bond.
Bond Overview
- Purpose: To protect customers who purchase insurance premium loans if the lender acts illegally
- Who Needs It: All companies providing insurance premium financing in South Carolina
- Regulating Body: The South Carolina Department of Insurance
- Required Coverage: $50,000
- Premium Rate: Typically $500–$2,500 based on credit score
Keep reading to learn how to navigate the bonding process for your insurance premium service company.
What Is a South Carolina Premium Service Company Bond?
A South Carolina insurance premium service company bond protects customers who purchase insurance premium loans if the business breaks financial industry regulations or acts illegally.
The South Carolina Department of Insurance requires this bond as part of the licensing process for insurance premium financing providers in the state.
How Much Do Premium Service Company Bonds Cost in South Carolina?
South Carolina insurance premium service company bonds cost a small percentage of the bond amount, typically 1–5% based on credit score.
Qualified applicants often pay just $500 for the $50,000 bond. Apply for your free, personalized quote now!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
Who Needs a Premium Service Company Bond?
The South Carolina Department of Insurance requires this bond for companies that issue loans to help other businesses or individuals pay for insurance premiums.
How Do I Get My Bond?
SuretyBonds.com provides the fastest and easiest way to get a South Carolina insurance premium service company bond. Just follow these quick steps:
- Apply: Submit an online quote request form
- Quote: Receive your quote within one day
- Sign: Complete the indemnity agreement
- Buy: Purchase the bond online 24/7
We’ll email you the bond shortly after purchase. Be sure to file the bond with the South Carolina Department of Insurance as instructed.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a South Carolina Premium Service Company Bond Work?
As with all surety bonds, an insurance premium service company bond creates a legal contract between three parties:
- Principal: You, the insurance premium service company filing the bond
- Obligee: The South Carolina Department of Insurance requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding Title 38 of the South Caroline Code of Laws.
If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you are ultimately responsible for refunding the surety.
How Do I Renew My Bond?
These bonds expire annually. To renew your insurance premium service company bond, simply pay your renewal invoice when prompted.
After renewing, you’ll receive a continuation certificate to file with the South Carolina Department of Insurance as proof of ongoing coverage.
