Indemnify

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Related to indemnified: indemnification, indemnity

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 ?
As a result, there may be reporting periods in which a liability is recorded for indemnified tax exposures without recognition of a respective indemnification asset.
If the indemnification provision only indicates that the "association" must be indemnified, this language may not be sufficient to provide protection for association officers, directors, staff, and volunteers.
The FDIC argued before the court that Grant may look to be indemnified only by the individual directors and officers of Rooks and not Rooks itself or the FDIC as successor to Rooks.
The CoRE Network tests, documents and validates open source distributions, transforming them from popular open source projects to production-ready, indemnified solutions instrumented for enterprise deployment.
One question that frequently arises is whether, and to what extent, a party is entitled to be indemnified for damages caused, in whole or in part, by its own negligence.
In a typical D&O policy, "side A" provides coverage for loss incurred directly by the individual directors and officers, while "side B" provides reimbursement to the company when it indemnified its directors and officers, and "side C" provides entity coverage directly to the company.
Carney is seeking damages as well as asking to be indemnified by the defendants for any liabilities and expenses incurred in connection with the girl's lawsuit.
Carney is seeking damages as well as asking to be indemnified by the three defendants for any liabilities and expenses incurred in connection with the girl's lawsuit.
Eckert spent $3 million in legal fees in his unsuccessful defense of the suit by Salovaara, and sought to have those fees indemnified by partnerships owned equally by himself and Salovaara.
The company stated that under Rockwell International's contract with the Department of Energy, it will be indemnified by the United States government for the verdict and other costs associated with the case.