Signing Indemnity Agreements

[apprentice35]

I am part owner in a company that is interested in doing business as a money transmitter. I was wondering if you have a program that does not require me and the other officers of the company signing an indemnity agreement. Maybe we could pay more premium in lieu of signing?

[PT]

Originally Posted by apprentice35

I am part owner in a company that is interested in doing business as a money transmitter. I was wondering if you have a program that does not require me and the other officers of the company signing an indemnity agreement. Maybe we could pay more premium in lieu of signing?

Generally both corporate and personal indemnity is required. There are some instances when personal indemnity can be waived, but it generally means that collateral will be required. It is best to have this discussion with the appropriate representative at the bonding agency so they can determine your options.