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- DictionaryIn·dem·ni·ty/inˈdemnədē/
noun
- 1. security or protection against a loss or other financial burden: "no indemnity will be given for loss of cash"
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Indemnity is a noun that means security, exemption, or compensation against loss, damage, or injury. Learn more about its synonyms, examples, word history, and legal and medical uses.
Indemnity is protection or security against damage or loss, or compensation for damages or money spent. Insurance coverage provides indemnity to a person (or organization) by insuring them for certain potential situations, such as damages to their property from natural disasters or accidents.
- What Is Indemnity?
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Indemnity is a comprehensive form of insurance compensation for damage or loss. When the term indemnity is used in the legal sense, it may also refer to an exemption from liability for damage. Indemnity is a contractual agreement between two parties. In this arrangement, one party agrees to pay for potential losses or damage. A typical example is a...
An indemnity clause is standard in the majority of insurance agreements. However, exactly what is covered, and to what extent, depends on the specific agreement. Any indemnity agreement has what is called a period of indemnity, or a specific length of time for which the payment is valid. Similarly, many contracts include a letter of indemnity, whic...
How Indemnity Is Paid
Indemnity may be paid in the form of cash, or by way of repairs or replacement, depending on the terms of the indemnity agreement. For example, in the case of home insurance, the homeowner pays insurance premiums to the insurance company in exchange for the assurance that the homeowner will be indemnified if the house sustains damage from fire, natural disasters, or other perils specified in the insurance agreement. In the event that the home is damaged significantly, the insurance company wi...
Indemnity Insurance
Indemnity insuranceis a way for a company (or individual) to obtain protection from indemnity claims. This insurance protects the holder from having to pay the full sum of an indemnity, even if the holder is responsible for the cause of the indemnity. Many companies make indemnity insurance a requirement, as lawsuits are common. Everyday examples include malpractice insurance, which is common coverage for those in the medical field, and errors and omissions insurance (E&O), which protects com...
Acts of Indemnity
An act of indemnity protects those who have acted illegally from being subject to penalties. This exemption typically applies to public officers, such as police officers or government officials, who are sometimes compelled to commit illegal acts in order to carry out the responsibilities of their jobs. Often, such protection is granted to a group of people who committed an illegal act for the common good, such as the assassination of a known dictator or terrorist leader.
Although indemnity agreements haven't always had a formal name, they are not a new concept. Historically, indemnity agreements have served to ensure cooperation between individuals, businesses, and governments. In 1825, Haiti was forced to pay France what was then called an "independence debt." The payments were intended to cover the losses that Fr...
Indemnity is a type of insurance compensation paid for damage or loss. When the term is used in the legal sense, it also may refer to an exemption from liability for damage. Indemnity is a contractual agreement between two parties in which one party agrees to pay for potential losses or damage caused by another party. Typically, an insurance contra...
Indemnity is a form of insurance compensation or a legal exemption from liability for damage. Learn how indemnity works in different contexts, such as insurance contracts, property leases, and historical cases.
Indemnity is a noun that means protection against possible damage or loss, or the money paid if there is such damage or loss. Learn more about the meaning, usage and examples of indemnity in finance, law and business contexts.
2 days ago · Indemnity is compensation for loss or damage, or protection or insurance against future loss or damage. Learn the word origin, synonyms, pronunciation, and usage of indemnity in different contexts.
Indemnity is protection against loss or harm — it is most often used in insurance. If you suffer an injury or there's damage to your house, an indemnity makes up for the loss — if it's part of your insurance. An indemnity may also keep something or someone from being held responsible for harm.
Indemnity is a noun that means protection against damage or loss, or a sum of money paid for it. Learn how to use it in formal or law contexts with pictures, pronunciation and usage notes.
