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...

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. The duty to indemnify is usually, but not always, coextensive with the contractual duty to "hold harmless" or "save harmless".

The meaning of INDEMNITY is security against hurt, loss, or damage. How to use indemnity in a sentence.

INDEMNITY definition: 1. protection against possible damage or loss, especially a promise of payment, or the money paid…. Learn more.

An indemnity is an amount of money paid to someone because of some damage or loss they have suffered.

[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 a type of insurance that covers a wide range of damages and losses . In the indemnity clause, one party commits to compensate another party for any prospective loss or damage.

Indemnity is protection against loss or harm — it is most often used in insurance. If you suffer an injury or there's damage to your house, an indemnity makes up for the loss — if it's part of …

Recompense for loss, damage, or injuries; restitution or reimbursement. An indemnity contract arises when one individual takes on the obligation to pay for any loss or damage that has been or might be incurred by another individual.

An Indemnity Is a collateral contract or assurance, by which one person engages to secure another against an anticipated loss or to prevent him from being damnified by the legal consequences of an act or forbearance on the part of one of the parties or of some third person.