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.

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References in periodicals archive

In his new role, Prince will be responsible for developing a range of specialist professional indemnity products, insuring clients of all sizes and across a wide range of sectors.

Hamilton Underwriting names head of professional indemnity

* What are the forecast market sizes and growth rates for professional indemnity insurance to 2019?

Professional Indemnity and D&O Insurance in the UK - Key Trends and Opportunities to 2019

The board of directors of Erie Indemnity Company (NASDAQ: ERIE) said it has set the management fee rate charged to Erie Insurance Exchange, approved an increase in shareholder dividends, and declared the quarterly dividend.

Erie Indemnity declares quarterly dividend

An indemnity clause is a contractual provision in which one party agrees to answer for any specified or unspecified liability or harm that the other party might incur, according to Black's Law Dictionary, Eighth Edition.

Indemnity agreements in offshore oil and gas contracts: multiple considerations when drafting and reviewing

It's been a very gradual evolution toward indemnity triggers, but this has been going on for a number of years.

Clarity on cat bonds: since being introduced in the mid '90s, more than $50 billion in catastrophe bonds has been issued

X entered into an indemnity agreement that indemnified Sub-Y1 and Sub-Y2 on their payment guarantees.

Chief counsel disregards indemnification agreements under anti-abuse rules in transactions that result in disguised sales

Unite said the proposals 'smack of inequality' and that the sub-text to the proposals in the Health Care and Associated Professions (Indemnity Arrangements) Order 2013, is aimed at lessening the costs for private firms 'gobbling up' lucrative NHS contracts.

New insurance arrangements 'smack of inequality'