Indemnity

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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 ?
As [pounds sterling]500,000 covers insurer's exposure in almost all professional indemnity compensation claims, it does not seem clear that premiums would reduce significantly should the SRA's proposed reduction go ahead.
In fact, many clients seeking legal services require the lawyers representing them to have sufficient professional indemnity cover in place before appointing them.
The Peterborough-based firm has identified professional indemnity law as an area of strategic importance.
He said, ``For some time I have made no secret of my wish to return to professional indemnity work, but Morgan Cole could not accommodate my time-scale.
Furthermore, on the basis of a survey of 140 professional associations, it identifies affinity schemes for professional indemnity insurance in Australia set up between professional bodies and brokers or underwriters of this type of cover, highlights other key underwriters and brokers of professional indemnity insurance and other distribution channels used to sell this form of insurance, and discusses key issues associated with the market.
In Lagos, FBN Insurance Limited and Society of Gynaecology and Obstetrics of Nigeria announced that it has inked a Memorandum of Understanding (MoU), with the aim of rendering group life assurance scheme and professional indemnity cover for their members.
com announces that a new market research report is available in its catalogue: Professional Indemnity Insurance in the UK http://www.
Mr Rouendaal was previously a solicitor at Robin Simon and before that an associate at DLA Piper, where he specialised in claims work dealing with insurance disputes and professional indemnity.
MORGAN Cole has admitted Peter Sewell as a partner in its specialist professional indemnity division Fishburn Morgan Cole.
All registered brokers must maintain professional indemnity coverage and submit audited annual returns to the Monetary Authority.
BH) today announced that Alterra at Lloyd's Limited will underwrite books of Marine and Professional Indemnity business into Alterra's wholly owned Lloyd's Syndicate 1400.
LAWPRO is the biggest provider of professional indemnity insurance for lawyers.

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