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Surety Bond Details
Cost: $3,150
General Contractor Bond | ||
|---|---|---|
Category: | Contractor License Bonds | |
Obligee: | South Carolina Contractors Licensing Board | |
Amount: | $350,000 | |
Duration: | Stated on Bond | |
Expiration: | 31-Oct | |
In lieu of providing a financial statement showing a minimum net worth for a license 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 parenthesis:
Group 1 General Contractor ($20,000)
Group 2 General Contractor ($60,000)
Group 3 General Contractor ($150,000)
Group 4 General Contractor ($250,000)
Group 5 General Contractor ($350,000)
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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75 Port City Landing
Ste 103
Mt. Pleasant SC 29464
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