South Carolina Resident Surplus Lines Broker Bond Guide
If you’re applying for a surplus lines insurance broker license in South Carolina, you’ll likely need this surety bond.
Bond Overview
- Purpose: To ensure brokers remit tax payments to the state and act ethically
- Who Needs It: All resident surplus lines insurance brokers in South Carolina
- Regulating Body: The South Carolina Department of Insurance
- Required Coverage: $10,000
- Premium Rate: $100 for a 1-year term
Learn all about the bond requirements and process in this guide.
What Is a South Carolina Resident Surplus Lines Broker Bond?
A South Carolina surplus lines broker bond ensures that resident insurance brokers follow state regulations and make surplus lines tax payments.
The South Carolina Department of Insurance requires this bond as part of the licensing process for surplus lines brokers in the state.
How Much Do Surplus Lines Broker Bonds Cost in South Carolina?
A $10,000 South Carolina resident surplus lines broker bond costs a flat rate of $100 for a 1-year term. Or, you can save 25% by selecting a multi-year term.
Click below to buy your bond in minutes!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
Who Needs a Surplus Lines Broker Bond?
All resident brokers that work with surplus lines insurers in South Carolina must be licensed and bonded with the state Department of Insurance.
The surety bond ensures payment of surplus lines taxes and adherence to other licensing regulations.
How Do I Get My Bond?
With SuretyBonds.com, you can buy your South Carolina surplus lines broker bond instantly online. Just enter your information and checkout in minutes.
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 Resident Surplus Lines Broker Bond Work?
As with all surety bonds, a surplus lines broker bond creates a legal contract between three parties:
- Principal: You, the surplus lines broker 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 South Carolina Annotated Code Section 38-45-20.
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 surplus lines broker bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.
