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The document is a Probate and Fiduciary Surety Application and Indemnity Agreement from Liberty Mutual Insurance Company and its affiliates. It outlines the application process for obtaining surety bonds related to probate, fiduciary responsibilities, and estate management. The document requires detailed personal information from the applicant, including financial status, relationship to the deceased, and any legal issues. Additionally, it includes an indemnity agreement where the applicant agrees to indemnify the surety against any claims or losses related to the bond.

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2016	4.8 Satisfied (90 Votes)
2012	4 Satisfied (60 Votes)

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What is the purpose of an indemnity agreement?

Indemnity Agreement: Although similar to a hold harmless agreement, an indemnity agreement is an arrangement whereby one party agrees to pay the other party for any damages regardless of who is at fault.

How much does a $5000 surety bond cost?

For applicants with good credit, surety bonds usually cost between 1% and 5% of their value. Therefore, for a surety bond of $5,000, an applicant with a strong credit history can expect to pay between $50 and $250.

What is the difference between a surety bond and an indemnity bond?

Key Differences Between Surety Bonds and Bond Indemnity Financial Responsibility: In a surety bond, the surety provides a financial guarantee for the principals obligations, whereas in bond indemnity, the principal assumes financial responsibility for any losses incurred by the surety.

What is a surety bond indemnity agreement?

A Surety Bond Indemnity Agreement is an agreement between the principal and the surety bond company stating the company will be indemnified if it pays out a loss on the Principals behalf due to a surety bond claim.

What is the difference between indemnity and surety?

In short, indemnity compels a party to compensate another party. Regarding a surety bond, this means that the obligee has the legal right to collect from the surety if the principal of the bond fails to uphold their end of the bond.