Indemnification can mean that in policies written on an indemnification basis, the insurer...
indemnity
Indemnity is compensation to a party for a loss or damage that has already occurred or to guarantee through a contractual clause to repay another party for loss or damage that might occur in the future.
Additional Information
The concept of indemnity is based on a contractual agreement made between two parties in which one party (the indemnitor) agrees to pay for potential losses or damages caused by the other party (the indemnitee).
Related Terms
To indemnify is to make compensation to an entity, person, or insured for incurred injury, loss, or...
The indemnitee is the person or organization that is held harmless in a contract (by the...
The indemnitor is the person or organization that holds another (the indemnitee) harmless in a...
An indemnity contract is an agreement to pay on behalf of another party under specified...
