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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.



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


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.


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.
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* It provides historical values for the professional indemnity insurance market for the report's 2010-2014 review period and forecast figures for the 2015-2019 forecast period
Professional indemnity insurance is available in Singapore for lawyers and doctors.
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Please note that BUPA requires all providers to have a minimum of $2 million Professional Indemnity Insurance.
The firm said that it has promoted London-based Kate McCluskey as head of professional indemnity (PI) international and US excess.
Although a new name in the market, between them the team has over 40 years experience in the placement of professional indemnity insurance, providing on-going advice and handling of claims.
Commenting, Kevin Burke, spokesperson for Total Insurance - a team of solicitors professional indemnity insurance brokers based in Bradford - said:
Her professional indemnity was with a small insurance company and only covered her for professional indemnity, not any employment concerns.
PROFESSIONAL indemnity insurance rates are set to soar following an underwriter's exit from the market, warns indemnity broker Prescott Jones Professions.
De Maximis clause limits should be set at the professional Indemnity Insurance limit that applies to the Professional's policy (see below).
Package provides coverage across five fundamental areas of insurance: public liability; professional indemnity; maritime employers' liability; employers' liability and personal accident Rapid market developments in the growing maritime security industry have led to increasingly divergent requirements that companies in the sector have of their insurance.

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