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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

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)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

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.
Collins Dictionary of Law © W.J. Stewart, 2006

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.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
Advisers can show their clients how supplemental insurance options like hospital indemnity insurance can help give employees peace of mind so they can focus on their jobs, and not on bills.
Law firms are required to take out professional indemnity insurance to cover any negligence claims brought against them by clients.
They should also check how long the will writer has been in business, what qualifications they have and whether they have comprehensive professional indemnity insurance. If they do not they expose their money and beneficiaries to risk.
The Florida Supreme Court's recent discussion of the "economic loss rule" in Indemnity Insurance Company of North America v.
An accredited mediator, he is also the panel solicitor on most of the leading Professional Indemnity Insurance Syndicates at Lloyds of London and is "highly recommended" by the Legal 500.
Failure to register could also endanger the validity of professional indemnity insurance.
Sometimes the problem can be overcome by taking out indemnity insurance, but mortgage lenders are very wary and your son's solicitor was right to be cautious.
The Nursing and Midwifery Council is writing to all Scots nurses advising them to purchase professional indemnity insurance.
IRELAND'S accountants yesterday set out demands for an examination of the professional indemnity insurance field by the Government's Competition Authority.
This is based on a balanced payer mix that includes Medicare, Medicaid, PPOs, HMOs, indemnity insurance and indigent individuals.
A proposed by-law would mean that no more than six people would be allowed to parade without permission (obtained 31 days in advance; pounds 2,000 deposit would be required for more than 50 people; and pounds 3 million indemnity insurance demanded when more than 300 people attend.
FirstCity, is to launch a state an interactive PI Professional Indemnity Insurance web site for solicitors.