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- Dictionaryindemnification/ɪnˌdɛmnɪfɪˈkeɪʃn/
noun
- 1. compensation for harm or loss: "the plaintiff sought indemnification for the cost of the suit against the corporation"
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Indemnification is the act of paying or promising to pay someone for damage or loss, or of protecting someone against legal responsibility. Learn more about this term, its pronunciation and usage with examples from Cambridge Dictionary.
- Indemnify
INDEMNIFY definition: 1. to pay or promise to pay someone an...
- Indemnify
INDEMNIFY definition: 1. to pay or promise to pay someone an amount of money if they suffer damage or loss: 2. to…. Learn more.
Indemnification is the action of indemnifying or the condition of being indemnified, or the payment of compensation for loss or damage. Learn more about the word history, synonyms, examples, and related articles from Merriam-Webster dictionary.
- What Is Indemnity?
- How Indemnity Works
- Special Considerations
- History of Indemnity
- The Bottom Line
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Indemnity is a comprehensive form of insurance compensation for damage or loss. When the term indemnity is used in the legal sense, it may also refer to an exemption from liability for damage. Indemnity is a contractual agreement between two parties. In this arrangement, one party agrees to pay for potential losses or damage. A typical example is a...
An indemnity clause is standard in the majority of insurance agreements. However, exactly what is covered, and to what extent, depends on the specific agreement. Any indemnity agreement has what is called a period of indemnity, or a specific length of time for which the payment is valid. Similarly, many contracts include a letter of indemnity, whic...
How Indemnity Is Paid
Indemnity may be paid in the form of cash, or by way of repairs or replacement, depending on the terms of the indemnity agreement. For example, in the case of home insurance, the homeowner pays insurance premiums to the insurance company in exchange for the assurance that the homeowner will be indemnified if the house sustains damage from fire, natural disasters, or other perils specified in the insurance agreement. In the event that the home is damaged significantly, the insurance company wi...
Indemnity Insurance
Indemnity insuranceis a way for a company (or individual) to obtain protection from indemnity claims. This insurance protects the holder from having to pay the full sum of an indemnity, even if the holder is responsible for the cause of the indemnity. Many companies make indemnity insurance a requirement, as lawsuits are common. Everyday examples include malpractice insurance, which is common coverage for those in the medical field, and errors and omissions insurance (E&O), which protects com...
Acts of Indemnity
An act of indemnity protects those who have acted illegally from being subject to penalties. This exemption typically applies to public officers, such as police officers or government officials, who are sometimes compelled to commit illegal acts in order to carry out the responsibilities of their jobs. Often, such protection is granted to a group of people who committed an illegal act for the common good, such as the assassination of a known dictator or terrorist leader.
Although indemnity agreements haven't always had a formal name, they are not a new concept. Historically, indemnity agreements have served to ensure cooperation between individuals, businesses, and governments. In 1825, Haiti was forced to pay France what was then called an "independence debt." The payments were intended to cover the losses that Fr...
Indemnity is a type of insurance compensation paid for damage or loss. When the term is used in the legal sense, it also may refer to an exemption from liability for damage. Indemnity is a contractual agreement between two parties in which one party agrees to pay for potential losses or damage caused by another party. Typically, an insurance contra...
Indemnity is a form of insurance compensation or a legal exemption from liability for damage. Learn about different types of indemnity, such as indemnity insurance, indemnity clauses, and acts of indemnity, and see examples of how they work.
Indemnification is commonly used in legal contracts to secure protection against being sued or held responsible for an accident. Indemnification can also refer to the state of being indemnified, or to the actual compensation paid.
Indemnify means to secure against hurt, loss, or damage, or to make compensation for incurred hurt, loss, or damage. See synonyms, examples, word history, and related articles of indemnify.
Indemnify definition: to compensate for damage or loss sustained, expense incurred, etc.. See examples of INDEMNIFY used in a sentence.
