S.C. Code Regs. § § 29-14

Current through Register Vol. 48, 12, December 27, 2024

Section 29-14 - Surety Bond Claims

(A) A claim on a surety bond issued pursuant to Section 40-11-262 shall be filed directly with the surety company by the claimant on a claim form approved by the Board. A claimant is not required to receive authorization from the Board to file a bond claim. Claims are limited to the acts or omissions referenced in Section 40-11-262(B)(3), are for actual damages, and do not include attorney's fees incurred by or punitive damages awarded to the claimant.

(B) All liability on a surety bond is applicable to the surety bond in effect as of the date of occurrence which gave rise to the liability.

S.C. Code Regs. § 29-14

Added by State Register Volume 43, Issue No. 05, eff. 5/24/2019.