Indemnity


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Related to Indemnity: Indemnity clause, Indemnity insurance

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 ?
After the Litigation had been initiated, the Companys board of directors (Board) became aware of the Guarantee & Indemnity and Mr Chen then purportedly admitted to the Board that he had signed the same without the Boards approval since the Lenders had purportedly lost patience in chasing Mr Chen for the repayment of the Loans and coerced him to issue the Guarantee & Indemnity by threatening him and his familys personal safety.
Indemnity agreements are the primary contractual vehicles for shifting risk and reallocating liability.
Beginning in January 2008, and continuing until the fall of 2013, Cohen defrauded insurance policyholders and prospective insurance policyholders in order to obtain more than $100 million in insurance premiums, by falsely representing the financial status of Indemnity-DC, Indemnity and other Cohen controlled entities to insurance policyholders, prospective insurance policyholders, the rating agency A.
Myth or Reality: An increase in remote workers has an insignificant impact on indemnity payment processing.
In Alaska, indemnity agreements are typically entered into between an owner or operator of an offshore facility and a contractor hired to perform services on that facility.
CCIIO talks about individual indemnity products in a new batch of guidance.
The move follows the execution of an approved pooling agreement between Laurier, California Insurance Co and Continental Indemnity Co which make up the North American Casualty Group (NAC), AM Best said.
The indemnity for termination of a contract which results from the application of Article 17(2) "cannot be replaced, pursuant to a collective agreement, by an indemnity determined in accordance with criteria other than those prescribed (by the Directive), unless it is established that the application of such an agreement guarantees the commercial agent, in every case, an indemnity equal to or greater than that which results from the application of Article 17".
Travelers Indemnity Company of Illinois, Hartford, Conn.