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