South Carolina Service Contract Provider Surety Bond

A South Carolina Service Contracts Provider Surety Bond guarantees faithful performance of service contract administrators in South Carolina. The surety bond amount is $25,000.

Service contracts are for the purpose of auto or home repair, replacement or maintenance for a specific period of time, and specific services that will be covered.

Surety Bond and License Requirements:

1. Applicants must complete the required application, pay the applicable fees, and obtain a surety bond.
2. All signatures and documents must be original. They cannot be reproduced, stamped, or faxed. All questions on the application must be answered. Incomplete applications will not be processed.
3. Service Contract Providers must keep all records for a minimum of one year past the expiration date of coverage.
4. Providers must either have a funded reserve account, or a parent company with a minimum net worth of $100 million, or have a reimbursement insurance policy.
5. Licenses must be renewed annually by October 1.

How Much Will This Bond Cost?

The premium that you pay for a South Carolina Service Contract Provider Surety Bond is dependent on credit. Premiums start at .75% of the bond amount with good credit.

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