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An indemnity agreement provides protection against loss, particularly in high-risk activities like skydiving and bungee jumping, helping businesses shield themselves from liability. In the context of surety, this agreement is a signed document between a principal and a surety, indicating that the principal will indemnify the surety if a claim arises. Indemnification essentially means making the party whole again; for instance, if a surety pays out a claim of $20,000, the principal must reimburse the surety for that amount. Most business owners will need to sign an indemnity agreement, which may require additional signatures, such as spousal indemnity or a third-party witness, depending on the circumstances.
