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An indemnity agreement provides protection against losses, often required in high-risk activities like skydiving or bungee jumping to shield businesses from liability. In the context of surety, it is a signed document between a principal and a surety, where the principal agrees to indemnify the surety in case of a claim. Indemnification involves compensating the surety to restore them to their original position; for instance, if a surety pays $20,000 on a claim, the principal must repay that amount. Most business owners will need to sign an indemnity agreement, and sometimes additional parties like spouses or third-party witnesses are required for validation.
