Obligee: South Carolina Department of Insurance Surety Bonds

A South Carolina Surplus Insurance Broker Bond is required by the Department of Insurance requires that any resident Insurance Broker post a $10,000 surety bond for the benefit of their customers. The bonds are designed to cover actions such as transmission errors and fraud in connection with insurance transactions–which can result from failures on the insurance broker’s part.  This Bond is mandated per Title 38, Chapter 45 of the South Carolina Code.

The South Carolina Insurance Broker Bond is required by the South Carolina Department of Insurance for any person seeking licensure as an insurance broker. This Bond guarantees that the applicant (broker) will pay any person insured or seeking insurance through him/her should that person sustain a loss as a result of the broker’s violation to comply with any insurance laws or regulations, failure to properly transmit any payment received, or for any act of fraud committed by the broker in connection with an insurance transaction.

South Carolina Premium Service Company Bond ($50,000) The South Carolina Premium Service Company Bond is required by the South Carolina Department of Insurance. The bond is required to be in the amount of $50,000. The bond states that the bondholder, or Principal, will perform in accordance with all provisions and requirements of Chapter 39 of Title 38, 1976 Code of Laws of South Carolina.