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 ?
An indemnifying party would provide disclosure based upon the applicable accounting model for the indemnification.
In addition, Bata was prohibited from indemnifying the officers.
The coverage is triggered when the organization is prevented by law from indemnifying its directors, when it fails or refuses to indemnify the directors even if permitted to do so, or when the organization files for bankruptcy and is financially unable to indemnify its directors.
The coverage is triggered when a company is prevented by law from indemnifying its directors, fails or refuses to do so, or is unable to indemnify because it has Filed for bankruptcy.
Between the extremes of the owner indemnifying the manager for everything, except to the extent caused by the manager's gross negligence or willful misconduct, or the extraordinarily unfavorable formulation of the manager indemnifying the owner for everything except to the extent caused by the owner's actions, there are a number of compromise positions.
DYFED?POWYS Police has con-firmed it is liaising with the Crown Prosecution Service and another force over an auditor's finding that Carmarthenshire County Council acted unlawfully in awarding "pay supplements" to its chief executive and in indemnifying his legal costs in a libel action.
The coping mechanism of a number of large accounting firms is to push their mutual clients toward indemnifying them.
Second, Section 533 does not bar an insurer from indemnifying a policyholder who is vicariously liable for the willful act of another.