$10,000 South Carolina Waste Tire Haulers Financial Assurance Bond

Businesses are required to file a $10,000.00 bond with the State of South Carolina Department of Health and Environmental Control (the "Obligee") to activate their license. The bond protects the Obligee by transferring to a surety bond company the cost of ensuring the public is compensated for damages resulting from a licensed business breaking licensing laws.

Waste Tire Haulers Financial Assurance Bond

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How much does the South Carolina Waste Tire Haulers Financial Assurance bond cost?

South Carolina Waste Tire Haulers Financial Assurance bonds typically cost between $150 and $800 depending on the personal credit, license history, and experience of the business owners and the surety carrier issuing the bond.

Credit Premium Rate Bond Cost
1.50% $150
2.00% $200
2.50% $250
4.00% $400
5.00% $500
7.50% $750
8.00% $800

Is a Credit Check Required for South Carolina Waste Tire Haulers Financial Assurance Bonds?

Surety carriers will run a credit report as part of underwriting the bond because the business ultimately must reimburse the surety bond company for any claims made on the bond.

Why is the South Carolina Waste Tire Haulers Financial Assurance bond required?

Businesses are required to purchase and file a $10,000 bond with the State of South Carolina Department of Health and Environmental Control to activate their license. The bond protects the Obligee by transferring to a surety bond company the cost of ensuring the public is compensated for damages resulting from the failure of a licensed business complying with the provisions of licensing laws.

How does the South Carolina Waste Tire Haulers Financial Assurance bond work?

South Carolina Waste Tire Haulers Financial Assurance bonds must be issued by an insurance carrier admitted by the South Carolina Department of Insurance. The insurance company issuing any surety bond, such as the South Carolina Waste Tire Haulers Financial Assurance bond, will also be referred to as the "surety company" or the "bond company". The business is referred to as the Principal, the surety bond company as the Obligor and the State of South Carolina Department of Health and Environmental Control as the Obligee.

The surety company provides the Obligee a guarantee (the surety bond) that the customers, vendors and employees of a licensed business will receive payment for financial damages due to a violation of licensing law up the bond amount stated on the bond form ("penal sum"). The bond company also directly receives claims from the public and determines the validity of claims. Ultimately, the licensed business owners are responsible for their actions and required by law to reimburse the surety company for any payments made under the bond or face indefinite license suspension.