Indemnify


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Related to Indemnify: indemnify against

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 ?
In resolving to act as an insurer, the County recognized--as was commonly understood at the time--that it could not statutorily obligate itself to defend and indemnify the Sheriff, as it had agreed to do for the Sheriff's employees, under the New York State Constitution (see Rep of Law Rev Commn, 1981 McKinney's Session Laws of NY at 2321 and n 47).
On March 21, 2013, a federal district court in Texas ruled that the duty to defend and duty to indemnify are distinct duties under Texas law and that one can exist without the other.
Put plainly, your policy's vendors coverage could conceivably oblige you to indemnify your vendor against the consequences of conduct that you have made every effort to discourage.
Some states' new AMC laws prohibit AMCs from requiring an appraiser to indemnify them for their own wrongdoing.
Another issue that arises from time to time is whether the nonexclusivity clause would allow the corporation to indemnify its directors and officers for settlements in derivative actions, something not permitted under the plain language of the Delaware statute and other statutes.
For example, a comprehensive indemnification agreement should specify the situations in which the company must indemnify you, mandate advancement of defense costs, provide for penalties against the company if it fails to honor its indemnification commitment, and require the company to obtain or maintain D & O insurance.
A subcontractor on a public works project can only be required to indemnify the general contractor with whom it contracts, and the general contractor's officers and employees, for the acts of the subcontractor and its lower tier subcontractors and suppliers.
Sun will also indemnify customers using Linux distributed with its servers and, according to Schwartz.
In addition to needing legislation that would indemnify the vaccine maker from litigation should something go wrong, the vaccine's proponents also need approval from the Food and Drug Administration before they can begin testing.
As The Wall Street Journal subsequently revealed, Wallace had not disclosed that: 1) CBS promised Wigand that the interview would not be aired without his permission; 2) he had previously been paid $12,000 as a consultant for help on an earlier 60 Minutes report; 3) CBS had agreed to indemnify him against any libel action resulting from the broadcast; and 4) CBS had refused Wigand's request to indemnify him against any legal action against him based upon his breach of contract with Brown & Williamson.
by Elf Atochem was therefore lawful from the start, and ICI is now to indemnify Elf Atochem Italia for loss of revenue and for expenses resulting from the ban.
If possible the contract should indemnify the nursing facility for any untoward acts or omissions.