Indemnity


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Related to Indemnity: Indemnity clause, Indemnity insurance

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.
References in periodicals archive ?
In September 2015, the judge granted an injunction prohibiting HHS from requiring fixed indemnity insurance buyers to have minimum essential coverage.
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.
Male nurses tended to have a higher average paid indemnity at $55,175 vs.
Nurses who reported that patient notes were underused or not noticed had a higher level of claims (41.5%), but the average indemnity payments were similar to those for all of the survey respondents.
* What are the forecast market sizes and growth rates for professional indemnity insurance to 2019?
Myth or Reality: An increase in remote workers has an insignificant impact on indemnity payment processing.
Implied (or "equitable") indemnity is an obligation imposed by a court instead of a contract.
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.
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.
It's been a very gradual evolution toward indemnity triggers, but this has been going on for a number of years.
X entered into an indemnity agreement that indemnified Sub-Y1 and Sub-Y2 on their payment guarantees.
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.