indemnify

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Indemnify

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)

indemnify

to be liable under an INDEMNITY or as if so.
References in periodicals archive ?
Note that there are other more narrowly-tailored indemnification clauses in most subcontracts that relate to hazardous waste, intellectual property infringement, claims of lien, or other specific issues or disputes that might arise on specific types of projects.
Davis has acknowledged the indemnification issue will require an appellate ruling and litigation will likely be protracted.
The release of the indemnification was the first in the region where PCIC and DAR granted checks for individual ARBs engaged in banana production.
In other words, this would expressly imply that the Insureds must, at first, incur the entire Expenditure of the Replacement/Re-Instatement of the claimed Machinery/Property from their own sources and only then can prefer their Claim on the Underwriters for Indemnification under the Re-Instatement Clause of the Policy, by providing Documentary Evidences of the Replaced/Re-Instated Machinery/Property.
When the board reviews its rights to indemnification, it should therefore begin with the directors' advancement rights, especially for expenses incurred in an investigation or other less formal contexts, such as appearing as a witness.
And at this time, there is also no known circumstance requiring indemnification,' it said.
In general, organizations must take care when drafting indemnification and cyber liability insurance provisions.
Clients include defense and indemnification provisions in engagement letters in an attempt to insulate themselves from exposure and shift responsibility to the CPA firm.
However, indemnification has a reverse side; the insured has paid a premium, but the contract he or she receives is conditional and limited.
For example, instead of including the term "indemnification clause," the terms "hold harmless," "indemnify" or "defend" may appear in a contract.
The early loss share termination and warrant termination will result in a one-time after-tax charge of approximately USD13.9 million, or USD0.20 per diluted average share, during the fourth quarter of 2015, resulting from the write-off of the remaining FDIC indemnification asset and FDIC receivable, totaling USD33.2 million at September 30, 2015, the USD16.2 million total payment to the FDIC, partially offset by the release of both the FDIC warrant payable and FDIC clawback liability, totaling USD31.8 million at September 30, 2015.
This insurance coverage is necessary even if the directors and officers have a commitment from the company to indemnify them because the company's indemnification may not be adequate.