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 ?
In the new role, Van Peenen will be responsible for driving the growth of ACE's Professional Indemnity business, including underwriting, product development, production and distribution, across the region.
But in professional indemnity, the claim amount is unknown.
Brendan joined Zurich's London office in 2007 as a Professional & Financial Lines underwriter before moving to the Middle East in 2010 to develop the insurer's Professional Indemnity proposition.
SME360 comprises 11 core Professional Indemnity products segmented by industry, which includes Architects, Accountants, Actuaries, Design & Construction, Engineers, Information Technology, Insurance Brokers, Management Consultants, Media, Miscellaneous, and Surveyors.
Zurich Insurance Company (ZIC) has appointed Peter Englund as underwriting manager - Professional Indemnity, Global Corporate Insurance Middle East (GCiME), with immediate effect.
Zurich Insurance Company Ltd ("ZIC") is pleased to announce that Peter Englund has been appointed Underwriting Manager - Professional Indemnity, Global Corporate Insurance Middle East ("GCiME"), with immediate effect.
Each member firm is covered by the association's Client Money Protection Bonding Scheme which safeguards client monies from any misappropriation of funds or claims of bankruptcy and every member firm has to have adequate professional indemnity insurance.
More than half of conveyancing solicitors said they had seen a rise in the number of same-sex couples, while 46 per cent said there had also been an increase in investors and unmarried couples, according to professional indemnity insurer Zurich Professional.
Most recently, as senior vice president of Professional Indemnity Agency, acquired by Houston Casualty not long after Sept.
THE EUROPEAN Commission is expected to investigate the professional indemnity insurance market in the UK as part of a wider look into the business insurance sector, Commission officials have confirmed.
Adverse development is already evident in the employers liability and professional indemnity market in the United Kingdom and the medical malpractice market in France.
Talented Gill Burnett has joined legal eagles Watson Burton as a senior solicitor in the Professions Group, which deals with professional indemnity matters.

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