WebJan 12, 2024 · A contract of indemnity is a legal agreement between two parties in which one party agrees to pay another party for a loss or damage that meets certain criteria and conditions, barring certain specified circumstances. An insurance contract is one type of contract of indemnity. Advertisement. Weblaw. 1. [noncount] : a promise to pay for the cost of possible damage, loss, or injury. an agreement providing indemnity against prosecution/loss. — often used before another …
Contract of Indemnity: Meaning, Concept and Nature
WebOct 30, 2024 · Indemnity insurance is an insurance policy designed to protect professionals and business owners when they are found to be at fault for a specific event such as … WebAn indemnity agreementis a contract that protects one party of a transaction from the risks or liabilities created by the other party of the transaction. Hold harmless agreement, no-fault agreement, release of liability, or waiver of liability are … memorial day school
Indemnity Definition & Meaning Dictionary.com
WebApr 11, 2024 · ERIE, Pa., April 11, 2024 /PRNewswire/ -- As the 2024 road trip season approaches, people are getting ready to hit the road and take a vacation. If you are one of the millions of travelers packing up to head out, be careful. According to the National Highway Traffic Safety Administration (NHTSA), distracted driving accidents claim over … WebDefine indemnity. indemnity synonyms, indemnity pronunciation, indemnity translation, English dictionary definition of indemnity. n. pl. in·dem·ni·ties 1. Security against … Webindemnify Overview To indemnify another party is to compensate that party for losses that that party has incurred or will incur as related to a specified incident. Typical Indemnity Clause memorial day sayings free