Theo Abrams
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Feb 25, 2024 · Indemnity is a comprehensive form of insurance compensation for damage or loss. In an indemnity arrangement, one party agrees to pay for potential losses or damage caused by another...
The meaning of INDEMNITY is security against hurt, loss, or damage. How to use indemnity in a sentence.
Jul 15, 2024 · In legal terms, indemnity requires a nondelivering entity to compensate the aggrieved party for losses it incurred or expects to as a result of the nonperformance. An indemnity clause can also act an as exemption from liability from damages, so the wording of the agreement is extremely important.
The word indemnity means security or protection against a financial liability. It typically occurs in the form of a contractual agreement made between parties in which one party agrees to pay for losses or damages suffered by the other party.
Feb 26, 2024 · Indemnity insurance is an agreement wherein one party guarantees compensation for losses or damages incurred by another.
INDEMNITY definition: 1. protection against possible damage or loss, especially a promise of payment, or the money paid…. Learn more.
Jun 9, 2023 · Indemnity is compensation or payment for losses or damages as part of a contractual agreement or insurance policy between two parties—the insurer and the insured—in return for premium payments.
indemnity for/against sth The policy provides an indemnity for loss of or damage to third-party property. provide/offer (an) indemnity This insurance provides indemnity against legal costs and damages .
[uncountable] indemnity (against something) protection against damage or loss, especially in the form of a promise to pay for any damage or loss that happens. an indemnity clause/fund/policy; indemnity insurance
Protection provided against any potential harm, loss, or damage. An exemption that prevents a person from suffering legal consequences or liabilities. A specific form of compensation that offers protection or reimbursement.
