Indemnity

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Indemnity

A legal obligation to cover a liability, however arising.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
References in periodicals archive ?
* What market drivers are expected to have effects on the professional indemnity and D&O insurance market and how will those drivers influence future growth?
Most often, professional indemnity or insurance is personal to the individual member and does not extend to the vicarious liability a doctor may have for their employed staff with high levels of clinical autonomy, such as an employed locum.
But in professional indemnity, the claim amount is unknown.
Brendan joined Zurich's London office in 2007 as a Professional & Financial Lines underwriter before moving to the Middle East in 2010 to develop the insurer's Professional Indemnity proposition.
Law firms are required to take out professional indemnity insurance to cover any negligence claims brought against them by clients.
In his new role Peter will focus on developing ZIC's offerings in the Commercial Professional Indemnity area to professionals in the region, specifically architects, engineers, software information technology consultants, lawyers, accountants and other service providers.
He was responsible for the Professional Indemnity portfolio of Architects, Engineers, Construction and Information Technology companies.
"Solicitors professional indemnity tends to be expensive but that's because the Law Society insists on a specific policy and insists that any underwrites who write solicitors professional indemnity must adhere to certain criteria, one of which is that they can't cancel a policy if the solicitor doesn't pay the premium," he said.
Failure to register could also endanger the validity of professional indemnity insurance.
Claire was previously employed in the Professional Indemnity Unit at Watson Burton, Newcastle.
IRELAND'S accountants yesterday set out demands for an examination of the professional indemnity insurance field by the Government's Competition Authority.

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