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An indemnity agreement offers protection against loss, particularly in high-risk activities like skydiving and bungee jumping, where businesses seek to limit liability. In surety contexts, it is a signed document between a principal and a surety, stating that the principal will indemnify the surety if a claim occurs. Indemnification involves compensating the surety to restore them financially; for instance, if a surety pays a $20,000 claim, the principal must reimburse that amount. Typically, business owners are required to sign such agreements, and in some cases, the agreement may also necessitate spousal indemnity or require a third-party witness to all signatures.
