- The definition of indemnify is to protect against loss, injury or damage or to pay someone for a loss they suffered.
An example of indemnify is when your insurance provider pays you for the repair of damage to your car.
indemnify definition by Webster's New World
- to protect against or keep free from loss, damage, etc.; insure
- to repay for what has been lost or damaged; compensate for a loss, etc.; reimburse
- to redeem or make good (a loss)
Origin: ; from Classical Latin indemnis, unhurt ; from in-, not plush damnum, hurt, harm, damage (see damn) plush -fy
- indemnifier noun
indemnify definition by American Heritage Dictionary
transitive verb in·dem·ni·fied, in·dem·ni·fy·ing, in·dem·ni·fies
- To protect against damage, loss, or injury; insure.
- To make compensation to for damage, loss, or injury suffered.
Origin: Latin indemnis, uninjured (in-, not; see in-1 + damnum, harm, damage entailing liability) + -fy.
- in·demˈni·fiˌer noun
indemnify - Business Definition
- To insure against loss or damage. For example, an individual may purchase liability insurance to indemnify himself against claims arising from negligence.
- To pay another's expenses. For example, a company may reimburse, or indemnify, its directors for legal expenses they incur in performance of their duties for the company.
indemnify - Investment & Finance Definition
To agree to compensate for any damage or loss. Insurance contracts may state that the policyholder will be indemnified, or restored to his or her original financial position, should a loss occur.
Indemnification agreements also may be signed by one party to protect the other party against claims from the other.Webster's New World Finance and Investment Dictionary Copyright © 2010 by Wiley Publishing, Inc., Indianapolis, Indiana. Used by arrangement with John Wiley & Sons, Inc.
indemnify - Legal Definition