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An indemnity agreement provides protection against loss, commonly required in high-risk activities like skydiving and bungee jumping to shield businesses from liability. In surety, it’s a contract between a principal and a surety, stating that the principal will indemnify the surety in case of a claim. Indemnification aims to restore the surety financially, so if a surety pays a $20,000 claim, the principal must repay that amount. Typically, all business owners are required to sign such agreements, although sometimes only the best applicants do. Additionally, spousal indemnity or a third-party witness to signatures may be necessary in some cases.
