indemnify | Wex | US Law | LII Legal Information Institute To indemnify, also known as indemnity or indemnification, means compensating a person for damages or losses they have incurred or will incur related to a specified accident, incident, or event Typically, parties make a written agreement in which one party (indemnitor) promises to indemnify the other party (indemnitee) for future specified losses
Indemnify Examples, Processes - Legal Dictionary To indemnify means to compensate another party for losses or damages that have occurred, or which may occur in the future It is a common practice for one party to guarantee it will compensate another party for any loss that may occur due to a contractual obligation
INDEMNIFY Definition Meaning - Dictionary. com Indemnify is commonly used in legal contracts to secure protection against being sued or held responsible for an accident The noun form of indemnify is indemnity, which refers to such protection and is often used in phrases like indemnity clause
‘Indemnify, Defend, and Hold Harmless’: What Does It Really Mean? Indemnification serves as a risk allocation mechanism derived originally from insurance law Each term—“indemnify,” “defend,” and “hold harmless”—has a distinct and important role in an indemnity clause, so it is important to understand the nuances and differences among the three terms
Indemnify - Definition, Meaning Synonyms - Vocabulary. com To pay compensation for a loss, damages, or similar expense is to indemnify "The insurance company indemnified its customers for their claims after the severe storm — one customer lost three cars, a row boat, and a golf cart " The verb indemnify also means to secure against future loss
INDEMNIFY - The Law Dictionary Indemnify Definition and Citations: To save harmless; to secure against loss or damage; to give security for the reimbursement of a person in case of an anticipated loss falling upon him
Indemnification: Understanding an Indemnification Clause - Contract Lawyers Indemnifications in legal terms are contractual provisions where one or both parties agree to compensate the other for any harm or loss resulting from damages caused by a third party Insurance companies may require businesses to indemnify their vendors for liability coverage