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Definition of indemnity

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 https://keonna.net

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

Indemnity legal definition of indemnity

Category:Indemnity Definition & Meaning - Merriam-Webster

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Definition of indemnity

What does indemnity term means? – cravencountryjamboree.com

WebIn legal terms, indemnity is a contractual clause that protects one party from being liable to pay for the losses sustained by a third party. In insurance, indemnity insurance is the financial protection given to a business or professional from the financial losses incurred due to professional negligence, errors & omissions, or malpractice. WebAn indemnity is a promise by one party to compensate another for the loss suffered as a consequence of a specific event, called the 'trigger event'. The trigger event can be …

Definition of indemnity

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Webindemnity definition: 1. protection against possible damage or loss, especially a promise of payment, or the money paid…. Learn more.

WebTo indemnify, also known as indemnity or indemnification, means compensating a person for damages or losses they have incurred or will incur related to a specified accident, … WebIndemnity. In its widest sense, "indemnity" means protection against, or compensation for, a loss or liability. Some indemnity claims arise by operation of law. For example, the law …

WebJul 24, 2024 · TCB Prop. Mgmt. There, the court categorized the obligations to indemnify and hold harmless as offensive and defensive rights. Indemnification, according to the court, is “an offensive right—a ... Webindemnity. an undertaking by one person to make good losses suffered by another. Frequently confused with guarantee, an indemnity is a primary obligation that is …

Webindemnity: [noun] security against hurt, loss, or damage. exemption from incurred penalties or liabilities.

WebApr 9, 2024 · indemnity in British English (ɪnˈdɛmnɪtɪ ) noun Word forms: plural -ties 1. compensation for loss or damage; reimbursement 2. protection or insurance against future loss or damage 3. legal exemption from penalties or liabilities incurred through one's acts or defaults 4. (in Canada) the salary paid to a member of Parliament or of a legislature 5. memorial day sayings for social mediaWebJan 26, 2024 · Definition of Contract of Indemnity. According to Halsbury, Indemnity is a contract, express or implied to keep a person, who has entered into or who is about to … memorial day school closed flyerWebIndemnity definition, protection or security against damage or loss. See more. memorial day school ga