Definition of indemnity
WebBond of Indemnity Overview. The bond of indemnity definition is an obligation in writing in which a party has agreed to reimburse the holder of the bond for an injury or loss due to a specific event or has agreed to protect a party from injury or loss related to a specific event. The bond acts as a kind of insurance policy against the failure ... Webindemnity: 1 n protection against future loss Synonyms: insurance Type of: protection , shelter the condition of being protected n legal exemption from liability for damages Type …
Definition of indemnity
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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 … Webindemnify / ( ɪnˈdɛmnɪˌfaɪ) / verb -fies, -fying or -fied (tr) to secure against future loss, damage, or liability; give security for; insure to compensate for loss, injury, expense, etc; …
WebIn law, Contract of indemnity can be defined as a legal contract between two persons whereby one party commits to indemnify, i.e. to compensate or reimburse, the loss incurred to the other party, by the conduct of the party, who is making the promise or by the conduct of the third party.
WebJan 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 … WebIndemnity definition, protection or security against damage or loss. See more.
WebThe meaning of INDEMNIFY is to secure against hurt, loss, or damage. How to use indemnify in a sentence. Synonym Discussion of Indemnify.
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 how to ufs a letterWebJan 26, 2024 · In English Law, indemnity is the promise to save a person from the consequences of an act, the promise may be expressed or implied. Indemnity is not limited to cases of contract. A right of indemnity may arise between a principal and agent, an employer and employee and so on. Contents 1. Definition of Contract of Indemnity 2. oregon banking commissionWebJan 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. oregon-bankruptcy-attorney.inshelprq.comWebAug 10, 2024 · Contract of Indemnity means doing good to the person who has suffered loss or putting the person back into the same position as if no loss has occurred. The word indemnity has been derived from the Latin word ‘indemnis’which means … oregon bankers association pacWebindemnity in British English. (ɪnˈdɛmnɪtɪ ) noun Word forms: plural -ties. 1. compensation for loss or damage; reimbursement. 2. protection or insurance against future loss or … oregon banking associationWebindemnity meaning: 1. protection against possible damage or loss, especially a promise of payment, or the money paid…. Learn more. oregon bankers conventionWebOct 29, 2024 · Professional indemnity (PI) insurance is an important type of business insurance, designed to cover you for costs you might face if your work, service, or advice causes clients to suffer a loss either reputationally or financially. It typically covers any legal costs, compensation or expenses and the cost of work to rectify the mistake, should ... oregon ballot results