WebFeb 27, 2024 · At its core, an indemnification is a promise to reimburse a person for a loss incurred by that person. Often, the obligation to indemnify is limited to third party claims. Further, there is typically a “defend” component to the indemnity that requires the indemnifying party to take over the defense of the claim on behalf of the indemnified party. WebDefine indemnity. indemnity synonyms, indemnity pronunciation, indemnity translation, English dictionary definition of indemnity. n. pl. in·dem·ni·ties 1. Security against damage, loss, or injury. 2. An exemption from liability for damages resulting from …
The Art of Holding Harmless: Indemnification Provisions in …
Webto pay or promise to pay someone an amount of money if they suffer damage or loss: In return for a premium, the underwriter agrees to indemnify the insured against losses … WebSecurity against loss, damage, or penalty; indemnification or compensation for loss or injury sustained. 1914 - Nuttall's Standard dictionary of the English language By Nuttall, P.Austin. A security or pledge by which a person is secured against loss or punishment; compensation. 1874 - Etymological and pronouncing dictionary of the English language pc timer display
Indemnity legal definition of indemnity - TheFreeDictionary.com
WebDefinitions of indemnification. noun. an act of compensation for actual loss or damage or for trouble and annoyance. see more. noun. a sum of money paid in compensation for … WebNov 29, 2024 · Indemnifications in legal terms are contractual provisions where one or both parties agree to compensate the other for any harm or loss resulting from damages caused by a third party. Insurance companies may require businesses to indemnify their vendors for liability coverage. WebTo indemnify, also known as indemnity or indemnification, means compensating a person for damages or losses they have incurred or will incur related to a specified accident, … pc timewatch