indemnify

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Related to indemnifier: indemnitee, indemnitor

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 ?
Insurers are already avoiding the market and, as a result of claims inflation, not-for-profit indemnifiers are becoming progressively unaffordable as their subscription rates reflect actuarially calculated obstetric risk.
While large insurers or indemnifiers will have the capacity to meet high claims costs, they, like the individuals confronted by the risk, need to decide whether or not they will accept the risk.
The agreement would be complete when the proposed indemnifier would place a signature under the terms of the agreement.
Of course the buyer should seek indemnities against liability for any infringing activity that might have occurred prior to the purchase but this is not a substitute for adequate due diligence: any indemnity is only as good as the ability of the indemnifier to pay up!
As the High Court of Australia has observed, 'an indemnity is a promise by the promisor that he [or she] will keep the promisee harmless against loss as a result of entering into a transaction with a third party', (118) and is 'designed to satisfy a liability owed by someone other than the guarantor or indemnifier to a third person.' (119)