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South Carolina General Contractor Bond Group 4 ...

South Carolina General Contractor Bond Group 4 ($350,000)
South Carolina General Contractor Bond Group 4 ($350,000)
General Contractor Bond
Contractor License Bonds
Price: $3,150
South Carolina Surety Bond

General Contractor Bond

Bond Details

State: South Carolina
Category: General Contractor Bond
Obligee: South Carolina Contra...
Amount: $350,000
Duration: Stated on Bond
Expiration: 31-Oct

Cost: $3,150

South Carolina Surety Bond
General Contractor Bond
Cost:
$3,150
State:
South Carolina
Category:
Contractor License Bonds
Obligee:
South Carolina Contractors Licensing Board
Amount:
$350,000
Duration:
Stated on Bond
Expiration:
31-Oct
SORPid: A-230
Surety Bond Insurance
General Contractor Bond
South Carolina General Contractor Bond Group 4 ($350,000)

South Carolina General Contractor Bond Group 4 ($350,000) instead of providing a financial statement showing a minimum net worth for a licensed group as required by Section 40-11-260, an applicant may provide a surety bond from a surety authorized to transact surety business in this State in an amount of two times the required net worth for the applicant's license group with his initial or renewal application.

The required bond amounts are in parentheses:

  • Group 1 General Contractor ($20,000)
  • Group 2 General Contractor ($80,000)
  • Group 3 General Contractor ($200,000)
  • Group 4 General Contractor ($350,000)
  • Group 5 General Contractor ($500,000)
General Contractor Bond

This bond group is issued by the State of South Carolina Department of Commerce, Division of Insurance. This bond group's purpose is to protect against loss or damage to property arising from the performance of work or services covered by the contract.

Features:

• Coverage limits are $350,000 per occurrence and $1,000,000 aggregate

• Coverage applies only to direct physical loss or damage to tangible property

• Coverage does not apply to consequential losses or damages

• Coverage does not extend to liability assumed by an insured under an “insured vs. insured” provision

• Coverage does not cover claims for personal injury or bodily injury

 

Benefits:

• Protects against the risk of loss or damage to property during construction projects

• Provides coverage for the cost of repairing or replacing damaged property

• Allows contractors to obtain bonding without having to pay higher premiums

• Ensures that subcontractors and suppliers are protected

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How do I get a South Carolina General Contractor Bond Group 4 ($350,000)?

The application process for a South Carolina General Contractor Bond Group 4 ($350,000) is quick and easy, usually only taking about five minutes from start to bond download (most instant issue bonds). Simply click the "Buy Now" button below, complete the few questions for the bond application, pay, then print your Bond delivered via PDF in color. By posting a surety bond, principals pledge to comply with the conditions of any written contract or applicable law.
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