What is an indemnity loss?
Indemnified Loss means any loss, liability, damage, cost or expense, including legal fees and expenses, fines, penalties, and interest expenses, suffered or incurred by an Indemnitee, including damages and liabilities for bodily injury to or death of Persons or losses of or damages to property and including those owed …
What does it mean to indemnify someone?
To indemnify is to insure someone against potential damages or loss or to compensate someone for damages or money spent. Insurance coverage indemnifies a person by insuring them for certain potential situations, such as damages to their property from natural disasters or accidents.
How does an indemnity clause work?
Indemnification clauses are clauses in contracts that set out to protect one party from liability if a third-party or third entity is harmed in any way. It’s a clause that contractually obligates one party to compensate another party for losses or damages that have occurred or could occur in the future.
What is indemnify in law?
Put simply, indemnity is a contractual agreement between two parties, where one party agrees to pay for potential losses or damages claimed by a third party.
What is indemnify and hold harmless?
Indemnification, according to the court, is “an offensive right—a sword—allowing the indemnitee to seek indemnification.” On the other hand, hold harmless is a defensive measure providing “[t]he right not be bothered by the other party itself seeking indemnification.” Under this view, hold harmless shields one party …
What’s an indemnity form?
Indemnity is a contractual agreement between two parties, which outlines a form of insurance compensation for any damages and losses. For instance, in the case of home insurance, homeowners pay insurance to an insurance company in return for the homeowners being indemnified if the worst were to happen.
How is an indemnity enforced?
Enforcement of Contract of Indemnity A contract of indemnity can be invoked according to its terms like the express promise. Damages, legal costs of judgement, the amount paid under the terms of the agreement are some of the claims which Indemnity holder can include in its claims.
Which is the best definition of indemnified losses?
Indemnified Losses “Indemnified Losses” means any and all losses, damages, liabilities, costs and expenses (including reasonable attorneys’ fees and expenses), settlement amounts as provided for herein, judgments, damages, claims, demands, offsets, defenses, counterclaims, actions or proceedings, subpoenas,…
What does it mean to indemnify someone against something?
indemnify against. indemnify someone or something against something. to agree to protect someone or something against something, such as damage or a lawsuit. Their employer indemnified them against legal action.
What’s the difference between hold harmless and indemnify?
The inherent meaning of “hold harmless” is subject to interpretation. The prevailing interpretation is that “hold harmless” and “indemnify” are synonymous. However, under the minority view, “hold harmless” requires payment of both actual losses and potential liabilities, while “indemnify” protects against incurred losses only.
What is the definition of one way indemnification?
Indemnification — The basic one-way Sponsor indemnity, where Sponsor wrote the protocol and includes liability for claims arising from our performance of our obligations and Sponsor’s use of the study results. 2.