The South Carolina Insurance Broker Bond is required by the Department of Insurance. The bond amount is set at $10,000. It states that the bondholder shall comply with the insurance laws and regulations of the State. In addition, the bond is conditioned to pay a person insured or seeking insurance, through the broker, who sustains loss.
Who needs an Insurance Broker Bond?
Brokers and Surplus Lines Brokers are required by the South Carolina Code of Laws to be licensed. The Insurance Broker bond is one of the licensing requirements.
In order to find out the cost of the surety bond, all we need is the completed application. Surety1 has access to the best surety markets available so we will be able to get you bonded quickly at the best possible price.
What are other licensing requirements?
Apply online through NIPR, National Insurance Producer Registry. Pay the biennial license fee of $200. Resident Surplus Lines Brokers must pass the state examination prior to applying for the license. Non-Resident Surplus Lines Brokers must also be licensed in their resident state as a surplus lines broker.
Where can I get a South Carolina Insurance Broker Bond?
The process for getting the South Carolina Insurance Broker Bond is easy. Start by completing our free online application form. After that, one of our licensed agents will contact you with a no-obligation quote on the bond premium. Next, we’ll collect the premium payment and have you sign the agreement. Lastly, your Insurance Broker bond will be shipped to you via USPS Priority Mail. Overnight shipping options are also available, for an additional fee.
Surety1 has been writing bonds in South Carolina since 2003, so we understand the process and the need for fast, reliable service. We even maintain an A+ rating by the Better Business Bureau.