South Carolina Warehouseman Bond
AmeriPro Surety Bonds | 844-589-9732
Warehousing in South Carolina refers to the storage of nonperishable items, which includes cotton and grain.
Chapter 22 of the South Carolina Code Laws Unannotated lists the requirement and duties of those in this profession.
A critical requirement is that the proper surety bond amount be furnished.
Amount of Surety Bond – Qualifying – Estimated Premium
The South Carolina warehouseman bond is a $25,000 surety bond. This amount is per location of your warehouse.
Qualification for this bond will involve the following:
- Completion of a surety bond application, of which much of it can be pre-filled with the assistance of our agent, but will require your signature;
- A surety underwriter review;
- A credit inquiry. Surety bond agencies — including other agencies besides our own — utilize “soft” inquiries which will not adversely affect your credit score.
The estimated premium will be 1% of the surety bond amount required.
Premium Prepayment Options
The South Carolina warehouseman surety bond is issued for a term of one year. Thereafter, the bond is renewed. An active surety bond must always remain actively on file as a condition of licensing with the state of South Carolina.
In addition to the one year term, you also have the option to prepay the surety bond amount for 2 or 3 years. Prepayment, besides allows for greater intervals between premium renewals, will offer you a savings over year to year renewal of you surety bond.
In choosing or declining the premium prepayment option, you may wish to consider whether the number of warehouses needing surety bonds will increase in the intervening period.
The Purpose of Your Surety Bond
The warehouseman bond is a financial guarantee which ensures your compliance with all regulations and laws governing your storage profession.
Chapter 12 referenced above of the state’s unannotated laws spells out those duties.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout South Carolina. Our agency also provides surety bonds nationwide.
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