Indemnify

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Related to indemnifier: indemnitee, indemnitor

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 ?
A party defends the case and seeks compensation from the indemnifier when it is complete.
was drafting its no-fault initiative, which became Prop 104, one California auto indemnifier, Coastal Insurance Company, rejected that solution and pursued an alternate initiative of its own.
The financial risk has to be transferred either to an insurer or shared by a non-profit indemnifier.
Just when doctors were heaving a sigh of relief at not having to cast around for a solid indemnifier with the track record and reserves of the briefly government-threatened Medical Protection Society (MPS), (1) a hefty subscription hike kicks in, reports Chris Bateman.