Indemnity

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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 addition, Prince is an active member of various professional organisations, including as chairman of the International Underwriting Association's (IUA) Professional Indemnity Forum.
Which companies have the largest market shares in the category and how important is professional indemnity in their non-life insurance portfolio?
Moreover, the coverage of professional indemnity insurance will usually be inadequate to cover for the loss of a partial or total building collapse.
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.
During five years at AIG, he rose to underwriting manager, a position in which he and associates built a large book of professional indemnity business.
British professional indemnity insurers are likely to fight their corner in any such probe, however, flatly denying to Accountancy Age that there was any lack of open competition in the industry.
Adverse development is already evident in the employers liability and professional indemnity market in the United Kingdom and the medical malpractice market in France.
Talented Gill Burnett has joined legal eagles Watson Burton as a senior solicitor in the Professions Group, which deals with professional indemnity matters.
IRELAND'S accountants yesterday set out demands for an examination of the professional indemnity insurance field by the Government's Competition Authority.
The introduction of a professional indemnity insurance for tour operators is being planned by the National Association of Travel Agents Singapore (Natas) to give the Singapore tourism industry a boost.
For 2007, 2011 and with a forecast for 2015, the study breaks down the market for professional indemnity insurance on a standardised basis by professional group with 12 categories considered as follows:

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