a general indemnity agreement (gia) is a document which outlines the surety/client relationship. in most cases, the surety company will require you to sign their gia prior to issuing your surety bond. in fact, some insurance companies have multiple gia forms which can be used to obtain the indemnity of you or your company. they are typically less than one page long and encompass the basic terms the surety company seeks to ensure. the second form of gia is what’s called a long-form indemnity agreement. the long-form gia is usually made up of several pages of information which govern the relationship between the surety company and client.
the representations of fact usually state that you have requested the surety company to provide a bond and the indemnitors have a beneficial interest in receiving the bond. generally speaking, they include but are not limited to payment of premiums, payment of losses incurred by the surety as a result of issuing the bond or enforcing its provisions, reserve deposits, asset and record examination, other items which are important to the surety/client relationship. in most cases, the surety company will require the general indemnity agreement to be signed by all owners, spouses, and the entity needing the surety bond. in some cases, generally involving companies with large net worth, the surety company may waive the personal indemnity of all or some owners as they feel the company’s assets support the obligation. the best answer to this question is that the surety company seeks a complete indemnity package when it comes to personal indemnity of owners and spouses. the process is very similar to obtaining a bank loan which the bank would seek to claim the same position.
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a general agreement of indemnity, or gia, is a contract between the surety company and the contractor and the other indemnitors. the gia obligates the named print or download a customized hold-harmless (indemnity) agreement. quick, easy and free. a general indemnity agreement, sometimes abbreviated to gia, is a legal agreement made between a client and a surety company. the contract outlines the, surety bond indemnity agreement sample, hold harmless and indemnity agreement sample, should i sign an indemnity agreement, indemnity agreement sec, indemnification agreement insurance, indemnification agreement california, indemnity agreement sample philippines, indemnification agreement new york, types of indemnity agreements, indemnity agreement construction.
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