indemnity
protection so that you do not have to pay for certain losses or legal claims yourself
Financial protection, usually provided by insurance or a legal arrangement, against specified loss, damage, or legal liability.
a legal promise to pay someone if a certain loss or claim happens
A formal promise or obligation, often in a contract, to compensate or protect another party for specified losses, claims, or liabilities.
money paid to someone to make up for a loss or damage
Money paid or payable as compensation for a loss, injury, damage, or legal liability.
- Base: indemnity
- Plural: indemnities, indemnity
indemnity agreement
1contractual indemnity arrangement
a contract that contains a legal promise to pay for certain losses or claims
- The subcontractor signed an indemnity agreement in favor of the general contractor.
- The company required an indemnity agreement before allowing outside vendors on site.
- The parties negotiated the scope of the indemnity agreement for several weeks.
- They signed an indemnity agreement.
- The indemnity agreement protects the owner from some claims.
indemnity bond
1surety bond for compensation
a formal bond that guarantees someone will be paid if a certain loss happens
- The company had to provide an indemnity bond before the replacement share certificate was issued.
- The court required an indemnity bond before releasing the seized property.
- An indemnity bond protected the owner if the original document later appeared.
- The court asked for an indemnity bond.
- The bond protects against a possible loss.
indemnity clause
1contract clause allocating losses
a part of a contract that says who must pay if certain losses or claims happen
- The indemnity clause required the supplier to cover claims caused by defective products.
- Our lawyer narrowed the indemnity clause before we signed the service agreement.
- The court held that the indemnity clause did not cover losses caused by fraud.
- The contract has an indemnity clause.
- Read the indemnity clause before you sign.
indemnity insurance
1insurance against specified losses
insurance that pays or protects you if certain losses or claims happen
- The lender asked for indemnity insurance before approving the mortgage.
- The organization took out indemnity insurance to cover possible legal claims.
- The policy is a form of indemnity insurance for losses caused by title defects.
- The company bought indemnity insurance.
- Indemnity insurance can protect a business from claims.
letter of indemnity
1written guarantee against loss
a formal letter promising to pay someone if they suffer a loss after doing something requested
- The carrier released the cargo only after receiving a letter of indemnity.
- The bank asked for a letter of indemnity before replacing the lost certificate.
- A letter of indemnity may be used when original shipping documents are missing.
- The bank required a letter of indemnity.
- They sent a letter of indemnity to protect the carrier.
mutual indemnity
1two-way compensation promise
a two-way legal promise where each side may have to pay for losses it causes
- The software contract contains a mutual indemnity for claims caused by each party's own breach.
- They agreed to a mutual indemnity so each side would cover losses it caused.
- The lawyer proposed a mutual indemnity instead of a one-sided clause.
- The contract has a mutual indemnity.
- A mutual indemnity can protect both parties.
professional indemnity insurance
1insurance for professional mistakes
insurance for professionals if a client claims their work or advice caused a loss
- Architects and consultants are often required to carry professional indemnity insurance.
- The consultancy's professional indemnity insurance covered the negligence claim.
- Before signing the contract, the client asked for proof of professional indemnity insurance.
- The engineer has professional indemnity insurance.
- My contract requires professional indemnity insurance.