Indemnity


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Related to Indemnity: Indemnity clause, Indemnity insurance

Indemnity

A legal obligation to cover a liability, however arising.

Indemnity

In law, compensation that one party is required to make to another for some loss, even if the compensating party did not directly cause the loss. For example, if Joe and Bob have a contract whereby Joe will pay for Bob's medical expenses should they arise and Bob is injured, then Joe must pay indemnity even if Joe did not cause the injury. If there is no contract specifying otherwise, however, the obligation to pay indemnity usually falls to the party that caused the loss.

indemnity

an arrangement whereby a financial institution such as an INSURANCE COMPANY agrees to compensate a client for any financial losses suffered as a result of damage, theft or loss of the client's property.
References in periodicals archive ?
To conceal the true financial condition of the companies, according to the plea agreement, Cohen transmitted fraudulent audited and unaudited financial statements for Indemnity-DC and Indemnity to the D.
Braun s observations are supported by market statistics: In 2013 gross premiums in the German Professional Indemnity market reached EUR 1.
Global Indemnity undertakes no intent or obligation to publicly update or revise any of these forward looking statements, whether as a result of new information, future events or otherwise, except as required by law.
In the offshore oil and gas world, courts will generally hold that an insurance obligation trumps an indemnity obligation.
Consider the various ways that different states treat indemnity clauses in two common situations: lease of commercial premises, and construction contracts.
1957-2 CB 4) for the proposition that tax indemnity payments are excludible from gross income.
The parties could take the position that a section 338(h)(10) transaction should be treated like an asset sale for federal income tax purposes and therefore provide for fewer representations and indemnity provisions.
detailed legal analysis of the enforceability of maritime letters of indemnity
Risk factors related to the Erie Indemnity Company ("Indemnity") shareholder interest:
Effective June 25, the name of the company was changed to RSUI Indemnity Co.
In addition, State Farm Indemnity maintains minimal dependence on reinsurance as it retains all of its direct premium writings.
DUBLIN, June 11, 2012 /PRNewswire/ -- Global Indemnity plc (NASDAQ: GBLI) announced the preliminary results of its "modified Dutch auction" tender offer, which expired at 5:00 p.