South Carolina Premium Service Company Bond
AmeriPro Surety Bonds | 844-589-9732
Premium Service Companies – South Carolina
The South Carolina Department of Insurance is the regulatory body charged with the regulation and licensing of premium service companies in the state. Licensing as a premium service company is statutorily required; otherwise, it is a misdemeanor to operate without one.
Applicants for the premium service surety bond will either demonstrate to the Department evidence of financial responsibility (via Certificate of Deposit), or, in lieu of the same, will provide a required surety bond.
Our agency’s goal for you is to make the surety bond process relatively easy and quick. Our pricing is also favorable.
Amount of Surety Bond – Qualifying – Estimated Premium
The South Carolina premium service company bond is a $50,000 surety bond required as a prerequisite for licensing.
Qualifying is by means of a signed surety bond application (we can pre-fill much of it with you) and, with the following exceptions outlined below, subjection to a soft score credit inquiry.
We note that even if you are required to submit to an underwriter and credit review (that is, you don’t meet all of the conditions below), you will still potentially qualify for the same great premium rate.
For streamlined processing of the premium service company bond, you must be able to certify to all of the following:
- You have been under the same business name, the same ownership, and the same location for at least 3 years;
- You have never been convicted of a felony;
- No companies owned by you have ever become bankrupt or insolvent;
- You have never had a surety bond declined, terminated, or canceled;
- You have no unsatisfied judgments;
- The purchase of this surety bond is not to guarantee any type of environmental or pollution exposure.
Qualified applicants — either as a streamlined applicant or one who undergoes a standard underwriting and credit review — can expect to pay a premium of $375, annually.
Premium Prepayment Options
The South Carolina premium service company bond is issued with a standard one year term.
Besides the standard estimated $375 premium, our agency offers you the ability to prepay this surety bond for 2 or 3 years. Doing so, offers you a savings over year to year renewal of the surety bond premium.
Prepayment options are as follows:
- If prepaid for 2 years, the premium service company surety bond premiumis $675, a $75 savings;
- If prepaid for 3 years, this surety bond is $975, a $150 savings.
The Purpose of this Surety Bond
This surety bond is a financial guarantee for the Department of Insurance that you will be in compliance with all statutes and rules governing premium service companies.
Most especially does this compliance refer to Chapter 39 of South Carolina’s Code of Laws.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit and court surety bonds throughout South Carolina.
Our agency also provides surety bonds nationwide.
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