What does indemnity from or against mean?
1 : to secure against hurt, loss, or damage. 2 : to make compensation to for incurred hurt, loss, or damage. Other Words from indemnify Synonyms Choose the Right Synonym Example Sentences Learn More About indemnify.
What does it mean to indemnify against loss?
Indemnity is a comprehensive form of insurance compensation for damages or loss. In this type of arrangement, one party agrees to pay for potential losses or damages caused by another party.
What does it mean to indemnify and defend?
The differences between the duty to indemnify and to defend, while nuanced, are critically important. The obligation to indemnify arises once a judgment has been entered, whereas the obligation to defend is triggered as soon as a claim is filed against the indemnitee.
What is indemnity declaration?
A letter of indemnity (LOI) is a legal agreement that renders one or both parties to a contract harmless by some third party in the event of a delinquency or breach by the contracted parties. In other words, the party or parties are indemnified against a possible loss by some third party, such as an insurance company.
What does it mean to indemnify someone?
To indemnify another party is to compensate that party for losses that that party has incurred or will incur as related to a specified incident.
What does it mean to indemnify and hold harmless?
For example, the term “indemnify” is used when a business hopes to protect itself against claims from a customer’s error, while a hold harmless clause prevents a business from taking any responsibility for a customer’s mistake. Experts recommend that both terms be included for maximum protection.
What is the duty to indemnify?
The “duty to indemnify” means the insurer’s duty to pay the claim, by funding a settlement or paying a judgment against the insured. Unlike the duty to defend, which is typically determined by the policy and petition, the duty to indemnify is based on any and all information developed in the underlying suit or claim.
How do you get indemnity?
To get an indemnity bond, you’ll have to sign an indemnity agreement with the surety. It states that if a bond claim arises, you’ll carry the full financial responsibility — rather than the surety company that has bonded you.
Does duty to indemnify include duty to defend?
Maybe. Under the common law of most states, an indemnitor generally has no duty to defend unless the contract specifically requires that a defense be provided.
What is the opposite of indemnify?
Antonyms. borrow deny withdraw take starve breastfeed. give recompense compensate pay.
Are indemnity clauses enforceable?
Most states hold that indemnity provisions are enforceable as written. These clauses will likely be construed in accordance with the rules of construction that apply to contracts generally. However, the freedom to contract will be limited by Courts who will disallow contracts in contravention of public policy.
Can there be a duty to indemnify without a duty to defend?
If the Contract Does Not Say Defend Is a Defense Owed? Maybe. Under the common law of most states, an indemnitor generally has no duty to defend unless the contract specifically requires that a defense be provided.
How is a duty to defend different from indemnify and hold harmless?
What does it mean to declare war on someone?
Declaration of war by the United States. A declaration of war is a formal declaration issued by a national government indicating that a state of war exists between that nation and another.
What is a declaration of War WW2?
Declarations of war during World War II. The declaration is usually an act of delivering a performative speech (not to be confused with a mere speech) or the presentation of a signed document by an authorized party of a national government in order to create a state of war between two or more sovereign states.
What is an indemnification agreement?
What is indemnification? Indemnification, also referred to as indemnity, is an undertaking by one party (the indemnifying party) to compensate the other party (the indemnified party) for certain costs and expenses, typically stemming from third-party claims.
What are the laws regarding declaring war?
Since the creation of the U.S. Constitution, however, the United States has had laws regarding declaring war. Certain military actions can be taken without formal declarations of war, others cannot. So what are the laws regarding declaring war? Article I, Section 8 of the U.S. Constitution indicates that Congress has the power to declare war.