indemnity Hear it!

indemnity Definition

in·dem·nity (in dem′ni tē)

noun pl. -·ties

  1. protection or insurance against loss, damage, etc.
  2. legal exemption from penalties or liabilities incurred by one's actions
  3. repayment or reimbursement for loss, damage, etc.; compensation

Etymology: Fr indemnité < LL indemnitas < L indemnis: see indemnify

indemnity Synonyms

indemnity

n.

reimbursement, repayment, restitution; see compensation, pay 2, payment 1.

indemnity Law Definition

n

  1. A duty, typically arising from contract, in which one promises to make good another’s financial loss or liability, resulting from a particular event or contingency.
  2. The act of making good another’s financial loss or liability, resulting from the occurrence of a particular event or contingency.
  3. The injured party’s right to claim payment from the party with the duty.

indemnity Usage Examples

Converse of object

  • seek: The claim was settled and Bolton MBC sought an indemnity from insurers.
  • grant: However, this provision deals only with the ability of the company to make a loan, not its ability to grant an indemnity.
  • sign: The SRA is able to stop signing new indemnities whenever it chooses.

Preposition: against

liability: The policy provided an indemnity against liability in respect of physical damage.

Adjective modifier

  • contractual: But the Court also stated that the provision for an indemnity would have created a contractual indemnity in any event.
  • professional: Professional indemnity - protects against claims by a third party.
  • adequate: Adequate professional indemnity and public liability insurance is considered obligatory.
  • double: Double Indemnity An insurance agent and a client's wife plot to kill her husband.

Modifies a noun

  • insurance: To pay for indemnity insurance for the Trustees 3.16.
  • insurer: You pay a premium to a prize indemnity insurer, which funds the prize in the unlikely event that someone actually wins it.
  • letter: General Power of Attorney, An indemnity Letter for General Power of Attorney.
  • clause: However, many indemnity clauses try to extend the University's liability too widely therefore exposing the University to a very wide risk.
  • guarantee: You'll very likely have to pay a mortgage indemnity guarantee policy.
  • basis: PROPERTY CLAIMS These are settled on an indemnity basis - not on a " new " for old or replacement cost basis.

Noun used with modifier

  • trustee: Pension trustee liability Indemnity to Trustees against negligent act, error or omission.
  • mortgage: Some lenders do not charge mortgage indemnity fees or have higher or lower property value limits.
  • NHS: NHS indemnity through the employing Trust will cover the GP period.
  • liability: Pension trustee liability Indemnity to Trustees against negligent act, error or omission.
  • auto: Auto Indemnity said " This is another step toward regulation in our market, which is something we welcome and are striving toward.

Preposition: in

respect: He said this: " The measure of damages is not, however, an indemnity in respect of Alpha's claim.