An indemnity agreement is a formal document created between two parties, where the indemnitor takes responsibility or assumes liability of the indemnitee in case there is a claim or financial loss and agrees to bear the costs directly or through reimbursements. The most common form of indemnity agreement is an insurance agreement where the insurance firm pays partially or for the whole loss that the insured may have to suffer. Note that at the time the agreement is made, there is no actual loss but only an anticipation of a loss and an indemnity agreement protects one party from paying for those damages in case such a situation arises.
An indemnity agreement can be a document in itself or be in the form of a clause in another legal document. Thus it is a type of agreement where one party assumes the duty to indemnify or protect the other in the event of any loss, damage or liability.
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