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.

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

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)

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

indemnify

to be liable under an INDEMNITY or as if so.
Collins Dictionary of Law © W.J. Stewart, 2006
References in periodicals archive ?
Abandonment usually must continue for a minimum time period (typically six months or more), after which the coverage indemnifies the investor/policyholder for its lost investment or financial value (equity, retained earnings, loans, loan guarantees and net intercompany receivables).
Where there are unresolved overcharge complaints, make sure the current owner resolves those or escrows funds or indemnifies the purchaser.
At a minimum, make sure the owner expressly indemnifies the manager for everything not caused by the manager's negligence or worse.