The SC Residential Builders License Bond guarantees that the licensed contractor will operate in compliance with Title 40 Chapter 59 of the SC Code of Laws and the International Residential Code. This bond protects the public from any financial loss due to the misconduct or negligence of the residential builder.
South Carolina Residential Builders Commission requires registered residential specialty contractors, licensed residential contractors, residential builders, and contractors with a certification of authorization to file this bond before beginning work on any project greater than $5,000.
The average cost of a bond is between 1-3% of the amount, but can be as high as 9% depending on your credit score. The bond amounts are as follows:
For a free bond quote, complete the online application below or download the PDF application and send to firstname.lastname@example.org.
IMPORTANT NOTES ON YOUR APPLICATION:
Failure to follow the above steps will result in delays to your quote and application.
This bond may also be referred to as a Residential Builder/Certificate of Authorization Bond, Licensed Residential Specialty Contractor Bond, or Registered Residential Specialty Contractor Bond
A surety bond is a three-way agreement between a Principal (the Licensed Home Builder), an Obligee (South Carolina Residential Builders Commission), and a surety company (the company backing the bond). A surety bond does not function like an insurance policy for the Principal; instead, it protects the Obligee and clients from financial obligations due to misconduct or negligence on behalf of the builder. The bond is a guarantee that the bonded Builder will comply with Title 40 Chapter 59 of the SC Code of Laws and the International Residential Code.
There are three classifications for this bond with three different amounts (the amount is not the same as the cost for the Principal) - be sure to include yours in your application. The average cost of a bond is between 1-3% of the amount, but can be as high as 9% depending on your credit score. The bond amounts are as follows:
In the event that the bonded Contractor violates the terms of their bond, there will be a claim filed against it. The surety will make payments to the damaged party, at which point the Principal is legally obligated to fully repay the surety for all damages. In addition to repayment, the bond may be revoked, and the Contractor License will be invalid until a new bond is filed. Be sure that you, your employees, agents, and representatives fully understand the regulations they must follow to avoid any claims against your bond. A history of claims will cause issues with any future bond applications, as each claim acts as a mark against your "credit" in the bond market.
I have processed 2 defective title bonds through South Coast Surety and I am the type that gets worried for any little detail and want to make sure everything is done correctly the first time to prevent double work for myself and everybody. Knowing how I am both times I had to call customer service and they answered every little question I had in a very nice and gratifying way that made me feel I would not have any problems in which I did not. South Coast Surety has the ultimate best customer service.
Gaby - CA
I was shopping for a surety bond for the first time and having trouble communicating with several different companies. When I contacted South Coast Surety they responded quickly and performed the transaction quick and easy. I might have been able to find a lower price, but their professionalism was worth a couple extra dollars.
KG C. - CA
We are opening up a Mental Health Residential Treatment Center and needed a Surety bond since we will be handling some clients cash resources. I reached out to South Coast Surety, they sent me an application, paid our premium and had our bond sent to us immediately. Everyone I spoke to and emailed was courteous, attentive and responded very quickly. We will most definitely continue to get all of our bond services from South Coast.
John F. - CA
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P&C B. - CA
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Mirwais A. - CA
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Udo G. - NJ
South Coast Surety has been proudly providing surety support to all fifty U.S. states for twenty years. Starting out as a small agency with a dream in San Clemente, California, we have steadily grown into one of the largest bond-only agencies in the nation. We write all commercial bonds and contract bonds for every American business and industry. Our greatest achievement is helping our clients grow their business alongside our own through coaching and obtaining larger bonding limits at the best rates. We work hard for our clients and take pride in bonding businesses that have been declined by our competitors.