Indemnity

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Related to To hold harmless: indemnification, Indemnity clause, hold harmless clause

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.