Indemnify


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Related to Indemnify: indemnify against

Indemnify

Used in insurance policy agreements as to compensation for damage or loss. Hold harmless

Indemnification

The collection of money for damages. For example, indemnification occurs in insurance when the policyholder receives money to compensate for an insured event. Likewise, a company may receive indemnification from an employee, especially a major executive, if the company suffers damages in a lawsuit as a result of the employee's illegal or unethical actions.
References in periodicals archive ?
Your company may purposefully have refused to indemnify vendors in respect of certain categories of claims.
Some states' new AMC laws prohibit AMCs from requiring an appraiser to indemnify them for their own wrongdoing.
A subcontractor on a public works project can only be required to indemnify the general contractor with whom it contracts, and the general contractor's officers and employees, for the acts of the subcontractor and its lower tier subcontractors and suppliers.
Sun will also indemnify customers using Linux distributed with its servers and, according to Schwartz.
BP agreed to indemnify Cameron for claims other than fines, penalties or punitive damages.
Subcontractor shall indemnify and hold harmless contractor from all damages, losses, or expenses, including attorney's fees, from any claims or damages for bodily injury .
The coverage is triggered when a company is prevented by law from indemnifying its directors, fails or refuses to do so, or is unable to indemnify because it has Filed for bankruptcy.
Example 31 states that "the insurer will indemnify the lessor" while example 35 states "the insurer will indemnify the lessor/lessee.
Cooley to chill the ability of the corporation to vote to indemnify directors, officers or employees,'' Newhouse said.
The insurance industry now offers tax opinion guarantee insurance to indemnify for losses resulting from an IRS disagreement with the tax opinion.
Vendor agrees to indemnify, defend, and hold harmless the association and its officers, directors, employees, members, volunteers, agents, successors, and assigns, from any and all losses, claims, demands, suits, costs, expenses (including reasonable attorneys' fees) of whatever nature and description arising from or in connection with Vendor's breach of this contract, or Vendor's negligence or willful misconduct, or a third-party claim arising out of Vendor's performance under this contract.