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An indemnity agreement provides protection against loss, commonly required in high-risk activities such as skydiving and bungee jumping to shield businesses from liability. In the context of surety, it is a signed document between a principal and a surety, stating that the principal will indemnify the surety in the event of a claim. Indemnification means making the surety whole again; for instance, if a surety pays out $20,000 on a claim, the principal must repay that amount. Business owners typically need to sign indemnity agreements, which may also involve spousal indemnity or the need for a third-party witness for signatures, depending on the situation.
