South Carolina Utility Deposit Bond
Get to know what this surety bond is for and how to easily apply for one!
What is a Utility Deposit Bond?
A utility deposit bond is required by different utility companies in the State of South Carolina prior to providing a service or restoring service.
The surety bond will serve as a guarantee or a deposit in case the Principal or the person who applied for a utility service defaults on his or her obligation such as paying for the bill on time and in full.
When this happens, the utility company will file for financial claims on the surety bond to recover the amount lost.
What is a Utility Deposit Bond amount?
The bond amount will vary per utility company or provider. Before you apply for a utility bond, verify the full amount that you need with your provider.
Here’s a list of the utility providers in South Carolina:
Once you have determined your bond amount, you can find out what your bond premium will be by claiming your FREE SURETY BOND QUOTE HERE!
Those who have excellent credit scores will be eligible for a very low bond premium!
How can I get a Utility Bond?
You can easily get this surety bond from us! We will guide you through the entire process. We’ll make sure that you will understand what you are getting into.
Here’s how to do get bonded:
- You have to send an application to us. If you are ready to do that now, you may APPLY HERE!
- After we have received your application, we will ask you to submit the necessary information needed for the underwriting process. These are the following:
- Your financial capability
- Your business or job performance history
- Your credit score
An expert underwriter will carefully evaluate all three to attain the best credit decision possible. To avoid any delay, the information that you should submit should be organized and concise.
- Your surety bond will be issued and sent to you!
What are the bond conditions?
- The surety bond agent or company should be authorized to conduct business in the State of South Carolina
- The surety bond should be made payable to the utility provider
- The Principal is obligated to comply with the rules set forth by the utility provider
- If the Principal commits a violation of the rules such as failure to pay the necessary bills on time and in full amount, the utility provider will be eligible to file a claim against the surety bond