This bond is required by the South Carolina Department of Insurance under S.C. Code of Laws Section 38-45-20. The bond states that the bond holder, or Principal, shall pay any person insured or seeking insurance through him who shall sustain loss as a result of (a) his violation of or failure to comply with any insurance law or regulation of this State, (b) his failure to properly transmit any payment received by him, cash or credit, for transmission to an insurer or insured, or (c) any act of fraud committed by him in connection with an insurance transaction. The required bond amount is $10,000. In most cases, the premium on this bond is as little as $100.
To Secure a South Carolina Insurance Broker Bond:
- Complete an online application.
- One of our expert commercial surety agents will call and email you with the firm quote and an agreement to sign.
- Provide payment and your signed agreement, then you will receive your bond!
** all bonds are subject to the underwriting terms and conditions of the issuing company.