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 ?
An indemnification provision will not be effective unless the other party has the resources to fulfill its duty to indemnify and defend the association.
FOP President Gene Ryan said last month that the union supports the city's decision not to indemnify the GTTF officersbut has concerns about the city's overall position on indemnification because there were non-GTTF officers at the scene or working with the indicted officers during some of the incidents.
The Umbrella Policies provide that Hartford will indemnify the City "for ultimate net loss in excess of the underlying limit or the [SIR], whichever is the greater...." The Umbrella Policies define "underlying limit" as the "limits of liability of the underlying insurance...." Each Umbrella Policy's Schedule of Underlying Policies lists an Excess Policy and states that the Excess Policy's limit of liability is $500,000 in excess of the $500,000 SIR.
On October 2015, the Claimant filled a substantive case against the Defendant after the Defendant had refused to indemnify the Claimant under the Policy.
The second part of the contract that NAMC claimed MidCountry breached was the clause stating that MidCountry would indemnify NAMC for any losses incurred by any action or omission of MidCountry, including losses incurred from breach of the agreement.
Mr Justice Stephens had put a stay on the payout until he resolved the case over its refusal to indemnify him.
"This clarification and expansion should note that attorneys shall indemnify clerks for the subsequent release of confidential information by the clerk, due to error or omission of the attorney in failing to properly protect such information."
In most insurance contracts, the insurer agrees to both indemnify the policyholder (i.e., pay certain covered losses) and defend the policyholder (i.e., retain an attorney, at the insurer's expense, to defend the policyholder from covered lawsuits).
Is it possible to have a duty to indemnify but not a corresponding duty to defend?
Who will indemnify this to us?" the Serbian premier noted.
Under Lang, when an insurer breaches its duty to defend, it may still litigate its defenses to indemnification unless the issue determinative of the duty to indemnify was already decided in the underlying action.
Effectively, contractual indemnity works like an insurance policy--if damage occurs and liability is proven, then the party who has contractually agreed to "indemnify" the other pays for that damage.