South Carolina Service Contract Provider Bonds

A Service Contract Provider Bond is a type of surety bond required in South Carolina for contract service administrators before becoming licensed to do business in South Carolina in accordance with state laws. This surety bond is conditioned upon the service contract provider's compliance with the requirements of Chapter 78 (b) and proper transmission of any payment received for transmission to an insurer, or other person. The surety bond also protects agains misapplication or misappropriation of funds and fraud or dishonesty committed by service contract provider in connection with contract services.