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.
References in periodicals archive ?
The indemnified party recognizes an indemnification asset at the same time that it recognizes the indemnified item and measures the asset on the same basis as the indemnified item.
but where the corporation should nonetheless be permitted (or required) to absorb the economic costs of any ensuing litigation." (24) The challenge, of course, is to identify "situations" in which a director should be indemnified notwithstanding the director's conduct and distinguish them from situations in which indemnification is unacceptable.
The Mariner Group will not be entitled to assert a claim against Contractor's insurance with respect to liabilities and losses assumed by Mariner or as to which Mariner has indemnified Contractor under this Contract.
"Although the parties do raise subsidiary issues, the primary question raised by the instant appeal is whether, where more than one insurer has issued a policy of liability insurance with respect to the same risk and one of the insurers has fully indemnified the insured, the paying insurer can maintain a subrogated action, in the name of the insured, against the non-paying insurer(s)."
A general contractor cannot be indemnified for its own negligence, nor can the subcontractor be required to indemnify the owner, architect, or engineer.
Finally, depending upon how your insurance is written, you may not be fully indemnified if you suffer a total loss to a building, for example.
The taxpayer also indemnified the accommodation party against any environmental liability for the replacement property.
Farmers can "report [FMD] with the full assurance that they will be indemnified," Veneman said.
The simplest indemnification provision provides that one party, formally called the indemnitor or indemnifying party, will reimburse or compensate the other party, called the indemnitee or indemnified party, for damage or loss incurred in connection with the underlying contract and attributable to the indemnitor's actions.
Monitoring wells were placed at the site and the responsible party indemnified our client and our lender.
Glasgow dentist William Duff - who was indemnified by the MDDU - was struck off last year after being found guilty of a series of test cases from 228 complaints.
Unless any potential purchasors or owners of that property are indemnified, they will be reluctant to make any bids for economic conversion and reuse of these properties.