Indemnify

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Related to indemnified: indemnification, indemnity

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.

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As a result, there may be reporting periods in which a liability is recorded for indemnified tax exposures without recognition of a respective indemnification asset.

Tax indemnification arrangements: navigating the financial reporting standards

That is, the person to be indemnified must act within the scope of his or her employment in order to be entitled to indemnification.

Chapter 3: corporate indemnification

If the indemnification provision only indicates that the "association" must be indemnified, this language may not be sufficient to provide protection for association officers, directors, staff, and volunteers.

Using Indemnification Provisions to Manage Liability Exposure

The FDIC argued before the court that Grant may look to be indemnified only by the individual directors and officers of Rooks and not Rooks itself or the FDIC as successor to Rooks.

Grant Thornton allowed indemnity claim against FDIC

One question that frequently arises is whether, and to what extent, a party is entitled to be indemnified for damages caused, in whole or in part, by its own negligence.

Speaking the language of indemnity: the answer to whether an insured is on or off the hook in the event of a claim lies buried within the nuances of the indemnity clause

In a typical D&O policy, "side A" provides coverage for loss incurred directly by the individual directors and officers, while "side B" provides reimbursement to the company when it indemnified its directors and officers, and "side C" provides entity coverage directly to the company.

Getting personal: recent high-profile corporate scandals sprouted a new trend--attorneys targeting directors' assets