indemnify

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Related to indemnifications: indemnified

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 ?
The determination and application of the appropriate accounting model for tax indemnifications can be challenging.
If a company is a primary obligor to the taxing authority, it should account for the indemnification pursuant to the provisions within ASC 740, Income Taxes (ASC 740), dealing with accounting for uncertain tax positions.
Poor loan origination practices that result in a request for indemnification (discussed later in this article) could represent a very hard hit to your bottom line.
QAD will request a written response from the lender/servicer for an explanation of each finding, proof of improved Quality-Control Plans (QCPs) or reviews, fee refunds or signed indemnification agreements where HUD is absolved of the liability of the actual or potential claim on a specific FHA loan.
Further, GOL will begin monetary indemnification proceedings immediately, or as agreed upon by each family, and will discuss the matter with the relative legally entitled to do so.
In addition GOL will provide monetary indemnification as close as possible to each family's standard of living prior to the accident.
Because of the tax advantages, this method of financing increasing costs of health care became the backbone of the system and soon went past indemnification against catastrophic costs to include "first dollar" coverage for almost all health care expenses.
Based on the foregoing principles, the indemnification section of a property management agreement should put the primary burden on the owner and its insurance for all claims at the property.
Certain acts can be excluded from the owner's indemnification. For example, owners often insist that they will not indemnify the manager for its gross negligence or willful misconduct.
In the current recessionary climate, lessees also have negotiated indemnification provisions, representations and warranties about prior property use or default provisions allowing the tenant to terminate the lease if a cleanup action interferes with the tenant's use of the property.
Some of the most important include a preclosing right of inspection and testing, a no-contamination condition to closing, representations from the seller as to the exact extent of hazardous-waste conditions on the property, indemnification covenants (should post-closing claims be made against the buyer), and contractual assurances of adequate security to support the seller's otherwise naked indemnification covenants.
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.