South Carolina Insurance Broker Bond Overview
- Purpose: To protect clients if an insurance brokers breaks license regulations
- Who Needs It: All surplus lines insurance brokers working in SC
- Regulating Body: The South Carolina Department of Insurance (DOI)
- Bond Amount: $10,000
- Premium Price: $100 for a 1-year term
What Is a South Carolina Insurance Broker Bond?
A South Carolina insurance broker bond is a type of surety bond required by the South Carolina Department of Insurance. It is a financial guarantee that surplus lines brokers will:
- Follow state insurance laws
- Handle client funds properly
- Act honestly and prevent fraud
If you are a property and casualty-licensed insurance producer wishing to be licensed as an insurance broker for surplus lines, you’ll need a $10,000 bond.
How Much Do Insurance Broker Bonds Cost?
The $10,000 South Carolina insurance broker bond costs $100 for a 1-year term. You can also select a multi-year discount to save 25% and time on renewals. Buy your bond in minutes now.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does an Insurance Broker Bond Work?
A South Carolina surplus lines insurance broker bond creates a legal contract between three parties.
| Bond Party | Description |
|---|---|
| 1) Principal | The insurance broker filing the bond |
| 2) Obligee | The South Carolina Department of Insurance requiring the bond |
| 3) Surety | The surety provider issuing the bond |
As the bond principal, you promise to uphold SC Code of Laws Section 38-45-10. If you don’t, anyone harmed by your actions can file a bond claim to recoup losses. The surety will validate and pay claims, then you must repay the surety.
How Do I Get an Insurance Broker Bond in South Carolina?
You can buy your South Carolina insurance broker bond online 24/7. Just follow these simple steps:
- Select your term length
- Enter your personal and business information.
- Submit payment details and checkout.
We’ll email you the official bond form in minutes. You’ll need to file this with the DOI.
Tip: Make sure your name is listed exactly as it will appear on your broker license.
How Do I Renew My Insurance Broker Bond?
Simply pay your renewal invoice when prompted to extend your bond for another term. When you work with SuretyBonds.com, we’ll send you phone and email reminders starting 90 days out.
How Do I Update My Bond Information?
If minor information on your bond needs to be updated, such as the business name, contact your surety provider.
For current clients: Email [email protected] with the change request and we will issue you a bond rider amendment document if possible.
