Prior to receiving your bond, the surety must collect individual signatures from all business owners with 10% or more ownership in the business. These signatures are in addition to the indemnity agreement signature for the company as a whole.
Business owners who are married must also have their spouse sign an indemnity agreement.
This requirement is sometimes met with resistance from the principal.
If your spouse doesn’t have any involvement with the business, why does he or she need to sign an indemnity agreement for you to receive your bond?
Simply put, the surety requires your spouse’s indemnity signature to ensure you don’t move assets over to him or her if they have to collect from you due to a payout on a claim.
There is a large amount of risk attached to the bond. So, by not willing to provide an indemnity agreement signed by your spouse, the surety will likely not approve the bond request.
No spousal indemnity agreement = No Surety Bond quote