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How much does a service contracts bond cost in South Carolina?
The South Carolina Department of Insurance requires service contract providers to post $25,000 surety bonds.
These bonds are subject to underwriting consideration, so the price you’ll pay depends on a review of your personal credit report. Bad credit? No problem! The experts at SuretyBonds.com can get you bonded quickly, easily, and for the lowest available rate. Get started now!
If you’re ready to become bonded quickly, easily, and accurately, call SuretyBonds.com at 1 (800) 308-4358 or click here to fill out an online bond request form now.
Why do I need this bond?
Service contracts bonds in South Carolina are put in place to ensure that principals (service contract providers) conduct business in accordance with the requirements of Chapter 78 of the South Carolina Code of Laws, including properly transmitting any payment received for transmission to an insurer or another individual and applying all funds received appropriately.
If the principal fails to comply with these terms and commits any act of fraud or dishonesty in connection with contract services, the bond protects any person who sustains loss as a result of the principal’s violations up to the full amount of the bond. The principal must reimburse the surety for all damages paid out.
Getting bonded is easy when you work with the professionals at SuretyBonds.com. Get started now!
What’s the fine print?
South Carolina service contracts bonds remain in full force and effect until canceled. The surety can cancel the bond by giving written notice of cancellation to the Director of Insurance at least 60 days prior to the effective termination date.
A notary public’s signature is required on the bond form to formally acknowledge the agreement between the principal, surety and obligee.
How to become a service contract provider in South Carolina
To fulfill the duties of a service contract provider in South Carolina, applicants must:
- Save their records for no less than one year after the specified period of coverage has expired
- Choose any one of the following to meet the financial obligations required by the state:
reimbursement insurance policy
funded reserve account
parent company must maintain a net worth of $100 million dollars