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An indemnity agreement serves as protection against financial loss, commonly required in high-risk activities like skydiving and bungee jumping to shield businesses from liability. In surety contexts, it is a signed document between a principal and a surety, ensuring the principal will indemnify the surety if a claim arises. Indemnification refers to the process of reimbursing the surety, for instance, if they pay a $20,000 claim, the principal must repay that amount. Most business owners are required to sign such agreements, though sometimes they are limited to the strongest applicants; in some cases, spousal indemnity or a third-party witness may be necessary for signatures.
