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Indemnify |
Also found in: Dictionary/thesaurus, Medical, Financial | 0.03 sec. |
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To compensate for loss or damage; to provide security for financial reimbursement to an individual in case of a specified loss incurred by the person. Insurance companies indemnify their policyholders against damage caused by such things as fire, theft, and flooding, which are specified by the terms of the contract between the company and the insured. indemnify v. to guarantee against any loss which another might suffer. Example: two parties settle a dispute over a contract, and one of them may agree to pay any claims which may arise from the contract, holding the other harmless. (See: hold harmless) How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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The coverage is triggered when a company is prevented by law from indemnifying its directors, fails or refuses to do so, or is unable to indemnify because it has Filed for bankruptcy. Indemnifying the four directors means the hospital will pay for their legal bills and any judgments if they are sued and found liable but were acting within the scope of their authority, hospital officials said. The recent Bata case demonstrates that the courts will impose serious fines and penalties on officers and directors who do not comply with environmental legislation, and will even go so far as prohibiting corporations from indemnifying the directors against these fines. |
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