Surety Bond Requirements

Surety Bond Requirements

Berkeley Electric Cooperative will accept a surety bond for commercial accounts, in lieu of a cash deposit.  We do not have a specific form that needs to be completed by your insurance company; however, we have the following requirements:

  • The surety bond must be in effect for at least five (5) years.
  • The surety bond can only be canceled when written confirmation is received from Berkeley Electric Cooperative.  This is because the term may need to be extended based on the payment history of the account in question.
  • The surety bond amount must match the cash deposit amount that would have been required.
  • Berkeley Electric Cooperative, Inc. should be listed as the obligee, and our address is Post Office Box 1234, Moncks Corner, SC 29461.
What is a Surety Bond?
  1. A surety bond for an electric account — often called a utility deposit bond — is a financial guarantee that ensures a business or individual will pay their monthly electric bills on time. It acts as a substitute for a large cash security deposit required by utility companies.
  2. If you default on your account or fail to pay your bills, the utility company can file a claim against the bond to recover their losses. The surety company pays the utility, but you are then legally required to pay that money back to the surety.
  3. You can typically request quotes through national surety or insurance providers. They will require the following information:
    1. Company name - Berkeley Electric Cooperative, Inc.
    2. Company address - PO Box 1234, MC SC 29461
    3. Business name and address for the account.
    4. Surety Bond amount for the deposit.
    5. Term – 5 years

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