Indemnify against

What does indemnify against mean? Can you indemnify someone against commission? Can corporation indemnify against contingent claims? Their employer indemnified them against legal action.

We indemnified the publisher against legal trouble.

To indemnify someone against something bad happening means to promise to protect them, especially financially , if it happens. They agreed to indemnify the taxpayers against any loss. Indemnify definition is - to secure against hurt, loss, or damage. How to use indemnify in a sentence.

Synonym Discussion of indemnify. In return for a premium , the underwriter agrees to indemnify the insured against losses covered by the insurance. The farm bill contained provisions enabling the secretary of agriculture to indemnify farmers from certain losses.

Also known as “hold harmless” clauses, they are typically found in commercial contracts.

It guarantees the other party to a predetermined amount of money in the event you breach the agreement you entered into with them. Indemnity is a contractual obligation of one party (indemnifier) to compensate the loss incurred to the other party (indemnity holder) due to the acts of the indemnitor or any other party. The duty to indemnify is usually, but not always, coextensive with the contractual duty to hold harmless or save harmless. Indemnification is the act of not being held liable for or being protected from harm, loss, or damages, by shifting the liability to another party. The indemnity insurance is designed to protect the new homeowners (and subsequent owners) against legal action if the local authority serves a building regulation enforcement notice.

A note on indemnity clauses in commercial contracts, focusing on the law and commercial needs that shape their drafting. It also suggests an approach to negotiating and drafting an indemnity clause, and the rules of interpretation as they apply to indemnities, with particular reference to words and phrases commonly used in indemnity clauses. The obligation to indemnify arises once a judgment has been entere whereas the obligation to defend is triggered as soon as a claim is filed against the indemnitee. Most states consider the duty to indemnify and to defend to be distinct obligations. The service provider shall indemnify the customer against all actions, claims, losses and expenses in respect of loss or damage to third party property arising from the services supplied by the service provider.

Experts recommend that both terms be included for maximum protection. However, as the preceding bullet point amply demonstrates, it can in fact be a major problem if the indemnity itself only covers a fraction of the loss which the indemnified party may suffer as a result. The party giving an indemnity may argue against the principle that there is no obligation to mitigate loss under indemnity.

Indee courts usually apply a strict interpretation to indemnity clauses so that they extend to protect against only those liabilities that are reasonably incurred. The only real way to assess whether a liability cover should be preferred to an indemnity is by thinking about who is likely to take action against an entity and why would they even think about doing so. In its widest sense, indemnity means recompense for a loss or liability.

Some indemnity claims arise by operation of law.

The insurance company was able to indemnify its clients by raising the cost of the premiums to cover any damages incurred. A big part of my job as a financial planner is to help indemnify my customers against serious loss of their hard earned monies. The end result is that the indemnifying party (aka indemnifier) holds the indemnified party (aka indemnitee) harmless against specified losses. For this reason alone, letting them slide through in a contract review without thinking about what they mean can be a mistake. To indemnify is to insure someone against potential damages or loss or to compensate someone for damages or money spent.

Insurance coverage ind e mnifies a person by insuring them for certain potential situations, such as damages to their property from natural disasters or accidents. Unidad léxica estable formada de dos o más palabras que funciona como verbo (sacar fuerzas de flaqueza, acusar recibo). The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the Warrant Agent’s gross negligence, willful misconduct or bad faith.