indemnity

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Indemnity

Recompense for loss, damage, or injuries; restitution or reimbursement.

An indemnity contract arises when one individual takes on the obligation to pay for any loss or damage that has been or might be incurred by another individual. The right to indemnity and the duty to indemnify ordinarily stem from a contractual agreement, which generally protects against liability, loss, or damage.

Cross-references

Damages.

indemnity

n. the act of making someone "whole" (give equal to what they have lost) or protected from (insured against) any losses which have occurred or will occur. (See: indemnify)

indemnity

noun act of holding harmless, amends, assurance against loss, compensation, full satisfaction, lex oblivionis, payment, protection against loss, recompense, recoupment, redemption, refund, remuneration, repayment, requitement, restitution, restoration, return, security, security against damage, secuuity against loss, setoff, vindication
Associated concepts: contract of indemnity, covenant of innemnity, indemnity against liability, indemnity against loss, indemnity agreement, indemnity bond, indemnity insurrnce, indemnity mortgage, indemnity policy, indemnity reinsurance, limitation of indemnity, subrogation
See also: award, bail, binder, clemency, collection, compensation, condonation, consideration, contribute, contribution, coverage, damages, expiation, guaranty, honorarium, indemnification, indemnify, insurance, pay, payment, pledge, recompense, recovery, reimbursement, remittance, remuneration, reparation, requital, reward, satisfaction, security, trover

indemnity

an undertaking by one person to make good losses suffered by another. Frequently confused with guarantee, an indemnity is a primary obligation that is enforceable irrespective of whether the beneficiary could sue the person responsible for causing the loss. On the other hand, a guarantee is a secondary obligation to pay a specified or ascertainable sum should the primary debtor fail to do so; if the primary obligation is unenforceable, the guarantee cannot be sued upon. An agent has the right to be indemnified by his principal against all losses and liabilities incurred by him while acting within the scope of his agency.

INDEMNITY. That which is given to a person to prevent his suffering damage. 2 McCord, 279. Sometimes it signifies diminution; a tenant who has been interrupted in the enjoyment of his lease may require an indemnity from the lessor, that is, a reduction of his rent.
     2. It is a rule established in all just governments that, when private property is required for public, use, indemnity shall be given by the public to the owner. This is the case in the United States. See Code Civil, art. 545. See Damnification.
     3. Contracts made for the purpose of indemnifying a person for doing an act for which he could be indicted, or an agreement to, compensate a public officer for doing an act which is forbidden by law, or omitting to do one which the law commands, are absolutely void. But when the agreement with an officer was not to induce him to neglect his duty, but to test a legal right, as to indemnify him for not executing an execution, it was held to be good. 1 Bouv. Inst. n. 780.

References in periodicals archive ?
Obligation to take out professional indemnity insurance for the indicated services in the amount of at least 6,000,000 EUR for passenger and 6 million EUR for damage to property.
However, it noted that since the insurance surveyors rely more on professional skills rather financial strength to undertake their work, the proposed changes a fivefold increase in capital requirements and a tenfold increase in indemnity insurance will do little to improve either the standards in the industry or inculcate responsibility in the surveyors.
Commenting, Kevin Burke, representative for solicitors professional indemnity insurance brokers Total Insurance, said:
The Solicitors Regulation Authority has been forced to push through the closure of 136 legal firms, 15 in the North West because they were unable to obtain professional indemnity insurance.
The warning follows an announcement from the Solicitors' Regulation Authority (SRA), detailing that 191 law practices across the UK have declared that they are still operating without professional indemnity insurance.
Several insurance companies offer professional indemnity insurance for natural medicine practitioners, and members should look around to ensure they have the most appropriate insurance for their needs.
Midwives are the only health professionals who do not receive assistance with indemnity insurance from the Federal Government.
NZNO pays the excess under the indemnity insurance policy so, other than their membership fee, members do not have to pay any additional costs, if they become caught up in an investigation regarding the care they have provided.
ALEGAL Indemnity Insurance is not something that many people will have come across.
A fear of claims stemming from regulators instigating reviews of past selling practices mean that professional indemnity insurance companies are now cherry-picking firms to whom they will offer insurance, on the basis that they are unlikely to make large claims.
IRELAND'S accountants yesterday set out demands for an examination of the professional indemnity insurance field by the Government's Competition Authority.
If she had been covered by an indemnity insurance policy, she would have been permitted a choice of doctors and covered for most or all treatments.