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Indemnity refers to protection against loss, often formalized through an indemnity agreement, which is necessary for high-risk activities like skydiving and bungee jumping. This agreement shields businesses from liability. In the context of surety, an indemnity agreement is a document between a principal and a surety, where the principal agrees to indemnify the surety if a claim arises. Indemnification restores the surety’s financial standing; for instance, if a surety pays $20,000 on a claim, the principal must reimburse them the same amount. Typically, all business owners will need to sign an indemnity agreement, which may also require spousal indemnity or a third-party witness in some situations.
