indemnity


Also found in: Dictionary, Thesaurus, Medical, Financial, Encyclopedia, Wikipedia.
Related to indemnity: Indemnity clause, Indemnity insurance

Indemnity

Recompense for loss, damage, or injuries; restitution or reimbursement.

An indemnity contract arises when one individual takes on the obligation to pay for any loss or damage that has been or might be incurred by another individual. The right to indemnity and the duty to indemnify ordinarily stem from a contractual agreement, which generally protects against liability, loss, or damage.

Cross-references

Damages.

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

indemnity

n. the act of making someone "whole" (give equal to what they have lost) or protected from (insured against) any losses which have occurred or will occur. (See: indemnify)

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

indemnity

an undertaking by one person to make good losses suffered by another. Frequently confused with guarantee, an indemnity is a primary obligation that is enforceable irrespective of whether the beneficiary could sue the person responsible for causing the loss. On the other hand, a guarantee is a secondary obligation to pay a specified or ascertainable sum should the primary debtor fail to do so; if the primary obligation is unenforceable, the guarantee cannot be sued upon. An agent has the right to be indemnified by his principal against all losses and liabilities incurred by him while acting within the scope of his agency.
Collins Dictionary of Law © W.J. Stewart, 2006

INDEMNITY. That which is given to a person to prevent his suffering damage. 2 McCord, 279. Sometimes it signifies diminution; a tenant who has been interrupted in the enjoyment of his lease may require an indemnity from the lessor, that is, a reduction of his rent.
     2. It is a rule established in all just governments that, when private property is required for public, use, indemnity shall be given by the public to the owner. This is the case in the United States. See Code Civil, art. 545. See Damnification.
     3. Contracts made for the purpose of indemnifying a person for doing an act for which he could be indicted, or an agreement to, compensate a public officer for doing an act which is forbidden by law, or omitting to do one which the law commands, are absolutely void. But when the agreement with an officer was not to induce him to neglect his duty, but to test a legal right, as to indemnify him for not executing an execution, it was held to be good. 1 Bouv. Inst. n. 780.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
Brown says HHS tried to keep consumers from using stand-alone fixed indemnity insurance as a substitute for minimum essential coverage.
In addition, Prince is an active member of various professional organisations, including as chairman of the International Underwriting Association's (IUA) Professional Indemnity Forum.
Technology is an important aspect of nursing and the study found that those who had rapid access to clinical information at their place of employment had lower indemnity payments than those without access to the data.
* Which companies have the largest market shares in the category and how important is professional indemnity in their non-life insurance portfolio?
Myth or Reality: Claim severity does not impact indemnity payments.
Erie Indemnity Company has paid regular shareholder dividends since 1933.
Indemnity and insurance provisions in offshore oil and gas contracts are tremendously important, but often receive little or no attention during contract negotiation and drafting.
Typically, the features included in an indemnity agreement confirm whether it is a commercially driven transaction.
If the hospital chooses to enforce its indemnity agreement, however, a tender of indemnity, and possibly the costs and fees associated with the legal defense, could change the allocation of loss based on the outcome.
In its latest crop indemnity update, USDA's Risk Management Agency reports that U.S.
The agreement contained the following indemnity clause: "To the extent that it is lawfully able to do so, [News Group] will pay any reasonable professional (including, without limitation, legal and accounting) costs and expenses properly incurred by [Coulson] after the Termination Date [Feb.
The current system of paying an indemnity at the end of service suffers from several legal loopholes as well as malpractices adopted by companies to circumvent increasing costs.