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An indemnity agreement serves to protect against loss, particularly in high-risk activities such as skydiving or bungee jumping, where businesses require liability protection. In the context of surety, this agreement is a document between a principal and a surety, stipulating that the principal will indemnify the surety in case of a claim. Indemnification refers to the process of reimbursing the surety for any claims paid out; for instance, if a surety disburses $20,000 for a claim, the principal must repay that amount. Typically, all business owners need to sign an indemnity agreement, though sometimes only the top applicant is required to do so, and there may be instances where spousal indemnity or third-party witness signatures are needed.
