An Indemnity Statement is a legal document that serves to protect one or more parties from financial harm in the event of specific circumstances. An indemnity statement outlines the responsibilities of each party involved and determines who will be responsible for losses or damages. It can also specify how any errors, costs, or expenses incurred in legal and contractual transactions will be dealt with among the parties. Put simply, an Indemnity Statement is a contract between two parties that protects both sides from unforeseen liabilities.