The South Carolina Department of Insurance is once again asking insurance companies to provide detailed information on commercial liability and liquor liability coverage in the state. Carriers must submit their data by August 31, using an Excel template provided by the department. The information should cover calendar years from 2015 through 2024 and include details like new policies written, premiums earned, defense costs, and subrogation. The request extends beyond South Carolina to include other Southeastern states as well.
This data collection follows state law and aims to give officials a clearer picture of the insurance market for these types of coverage. Notably, the data won’t reflect recent changes brought by a bill approved in May 2024. House Bill 3430 lowers the $1 million minimum liquor liability insurance requirement for bars and restaurants that meet new training and operating hour guidelines.
For years, many bars and restaurants in South Carolina have said that the old $1 million minimum, set in 2017, made insurance too expensive. This led to some venues shutting down. A 2023 report by the Department of Insurance showed that the liquor liability insurance market in the state has been very unprofitable for insurance companies.
By collecting this data, the Department of Insurance hopes to better understand trends in liability coverage and how new laws might affect the market in the future.