South Carolina Mechanical Contractor Bond |
AmeriPro Surety Bonds | 844-589-9732
Mechanical Contractors – South Carolina
Mechanical contractors in South Carolina are licensed and regulated by the state’s Contractor’s Licensing Board.
In place of providing a financial statement, in May of 2018, you are given the option to file a surety bond in its stead. The amount of surety bond required is twice the amount of required net worth.
The mechanical contractor bond uses the same bond form as the general contractor bond. The SC general contractor bond is also offered by AmeriPro Surety Bonds.
Amount Required – Qualifying – Estimated Premium
The breakdown in the amount of surety and the estimated premium for the South Carolina mechanical contractor bond are as follows:
- Group 1 – $7,000 surety bond – $105;
- Group 2 – $20,000 surety bond – $300;
- Group 3 – $40,000 surety bond – $600;
- Group 4 – $80,000 surety bond – $1200;
- Group 5 – $400,00 surety bond – $6000.00
This comes to about 1.5% for well qualified applicants. Good credit will be required for approval through our agency.
As part of the application process required by our underwriters, you will be asked the following:
- Whether or not you have any unsatisfied judgments or liens;
- Whether or not you have had any surety bond or any license involuntarily canceled;
- If you have a current bankruptcy or have ever filed for bankruptcy;
- Whether or not you have any collection items or lawsuits.
With the exception of an active bankruptcy, any affirmative answers are not automatically disqualifying; however, you will likely pay a higher premium.
The Bond’s Term
A South Carolina mechanical contractor bond is issued for one year, and thereafter the bond is renewed. An active, current surety bond —unless you provide the statutory financial statement – must remain on file as a prerequisite for licensing.
The Purpose of Your Surety Bond
While required of you as a condition of licensing in lie of a financial statement, the purpose of a mechanical contractor surety bond is a financial guarantee for the South Carolina consumer.
The bond protects against breach of contractual obligations, as also the providing contracting materials and labor as needed for a project.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout South Carolina. We also provide surety bonds nationwide.
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