Indemnify

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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 ?
An indemnifying party would provide disclosure based upon the applicable accounting model for the indemnification.
In protecting another party through indemnification, typically the indemnifying party agrees to pay the legal defense costs necessitated by the claim as well as any ultimate settlement or judgment in court.
5) Transamerica Corporation will provide loss reimbursement protection for certain environmental-related claims in the form of indemnifying 75 percent of $119 million of claims in excess of Dec.
The recent Bata case demonstrates that the courts will impose serious fines and penalties on officers and directors who do not comply with environmental legislation, and will even go so far as prohibiting corporations from indemnifying the directors against these fines.