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An indemnity agreement provides protection against loss and is commonly used 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 if a claim arises. Indemnification refers to the process of restoring the surety, e.g., if a surety pays a claim of $20,000, the principal must repay that amount. Generally, all business owners are required to sign an indemnity agreement, although only select applicants may need to sign, and some agreements may necessitate spousal indemnity or third-party witness signatures.
