South Carolina Surety Bond
Apply for a South Carolina Surety Bond today! Absolute Surety is a leading SC surety bond company. Apply easily online and take advantage of lowest rates. Quickly browse the bonds we offer for this state, or contact us for a full list.
What Surety Bonds Are Required?
As in most states, the three main types of bonds that are required in South Carolina are license and permit bonds, contractor bonds, and court bonds.
South Carolina License & Permit Bonds
These bonds guarantee that a company licensed to do business in South Carolina will adhere to all applicable rules and regulations. They are typically mandated by a state agency, such as the:
- Department of Consumer Affairs, which licenses credit counseling organizations, mortgage brokers, mortgage lenders, businesses offering prepaid legal services, pawnbrokers, companies offering pre-need funeral contracts, and physical fitness centers
- Residential Builders Commission, which licenses residential general contractors and specialty contractors (HVAC, plumbers, electricians)
- Department of Insurance, which licenses insurance brokers and administrators
Certain municipalities, such as the cities of Greenwood and North Augusta, also have license and permit bond requirements for certain persons and businesses operating in those jurisdictions.
Contractor Bonds In South Carolina
In addition to obtaining a license and permit bond, a contractor may need to purchase a bid bond, performance bond, payment bond, maintenance bond, and/or supply bond in order to be granted a public works project.
South Carolina Court Bonds
Courts in South Carolina may require a court bond from plaintiffs or defendants appealing a case. This is meant to guarantee the payment of any monetary award, court costs, or legal fees. Additionally, courts may require estate executors, guardians, conservators, bankruptcy trustees, and others serving in a fiduciary capacity to obtain a surety bond guaranteeing that they will fulfill their duties in accordance with all relevant rules and regulations.
Determining Bond Costs
The cost of a particular bond is calculated by multiplying the bond amount by the premium rate set by the surety company. The premium rate is determined based on the surety’s underwriting rules and the applicant’s creditworthiness. If your credit is good, your premium rate should be around 1% to 3%. If it’s not so good, it can be anywhere from 4% to 15%.
Our online application system makes it easy to apply for wide range of South Carolina surety bonds. We offer quick turnarounds, often 24 hours or less.