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Feb 25, 2024 · Indemnity is a comprehensive form of insurance compensation for damage or loss. In an indemnity arrangement, one party agrees to pay for potential losses or damage caused by another...
INDEMNITY definition: 1. protection against possible damage or loss, especially a promise of payment, or the money paid…. Learn more.
Apr 2, 2020 · An indemnity clause is a clause that allocates certain identified legal and commercial risks between contracting parties to the party who is best-placed to manage them. Indemnity clauses are sometimes also referred to as “indemnities” or “indemnified matters”.
The meaning of INDEMNITY is security against hurt, loss, or damage. How to use indemnity in a sentence.
In contract law, an indemnity is a contractual obligation of one party (the indemnitor) to compensate the loss incurred by another party (the indemnitee) due to the relevant acts of the indemnitor or any other party.
Jan 29, 2022 · An indemnity is a contract between two parties that specifies a type of insurance payout for potential damages or losses. In an indemnity agreement, one party agrees to pay monetary compensation for any prospective losses or damages caused by the other party, as well as to accept legal responsibility for those damages.
Feb 26, 2024 · Indemnity insurance is an agreement wherein one party guarantees compensation for losses or damages incurred by another.
indemnity for/against sth The policy provides an indemnity for loss of or damage to third-party property. provide/offer (an) indemnity This insurance provides indemnity against legal costs and damages .
[uncountable] indemnity (against something) protection against damage or loss, especially in the form of a promise to pay for any damage or loss that happens. an indemnity clause/fund/policy; indemnity insurance
Indemnity is commonly used in legal contracts to secure protection against being sued or being held responsible for an accident. It’s often seen in the phrase indemnity clause. The verb form of indemnity is indemnify, which means to provide such protection or security, typically in the form of insurance.
