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South Carolina Service Contracts Bond

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. Qualified applicants could pay as low as $250. Bad credit? No problem! The experts at SuretyBonds.com can get you bonded quickly, easily and for the lowest available rate. Get started now!

Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Service Contracts Bond $25,000 Starts at $250 $1,000-2,000 $2,500 Apply Now
*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.

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 experts 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 his/her records for no less than 1 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

Take the first step toward becoming licensed by purchasing the South Carolina surety bond you need!

Ready to get started?

Get a FREE Service Contracts Bond Quote Today!

South Carolina Service Contracts Surety Bond form

South Carolina Department of Insurance Service Contract Provider

Title 38 - Insurance Chapter 78. Service Contracts

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