Indemnity meaning in english

What is the meaning of indemnity? Word forms: plural inˈdemnities. They had failed to take out full indemnity cover. The government paid the family an indemnity for the missing pictures. Protection and indemnity insurance protects against third parties and environmental damage.

That is, no claim other than the claims for indemnity under the insurance policies: in contemplation at the time of entering into the deed. Indemnity definition is - security against hurt, loss, or damage. How to use indemnity in a sentence. Frequently confused with guarantee, an indemnity is a primary obligation that is enforceable irrespective of whether the beneficiary could sue the person responsible for causing the loss.

The duty to indemnify is usually, but not always, coextensive with the contractual duty to hold harmless or save harmless. In contrast, a guarantee is an obligation of one party assuring the other party that guarantor will perform the promise of the third party if it defaults. Some indemnity claims arise by operation of law. 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.

The worker demanded indemnity from her employer for the injury that she suffered at work. Our client will seek an indemnity from the vendor for a breach of contract. The defeated nations were forced to pay an indemnity of $8million.

Show declension of indemnity. An indemnity is the closest thing the law has to a blank cheque to recover financial loss. The claims to indemnify another person can arise: in contract law, when they show up in contract clauses as part of a legal remedy even when there is no contract clause for indemnification. Compensate (someone) for harm or loss. More example sentences.

An exemption from liability for damages resulting from specified conduct, as in a contract indemnifying a party for the performance of certain actions. Security against damage, loss, or injury. In particular, it is acknowledged that a de minimis level for warranties and indemnities will be included. This promise may be express or implied from the circumstances of the case. Noun (1) protection against future loss (2) legal exemption from liability for damages (3) a sum of money paid in compensation for loss or injury.

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This facilitates use as thesaurus. 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. Every full-time employee at our firm receives a policy that gives indemnity against accidental death. Workers who are fired will get an indemnity equal to a month’s salary for each year worked. We hope this will help you in learning languages.

In a contract of indemnity one party – i. That would therefore include negligence and even our definition of gross negligence, but at the same time exclude conduct that amounts to total failure or refusal to comply with the contract – in line with our definition of wilful misconduct.