indemnification Definition
- 1compensation for harm or loss
- 2the act of protecting someone by promising to pay for the cost of possible future damage, loss, or injury
Using indemnification: Examples
Take a moment to familiarize yourself with how "indemnification" can be used in various situations through the following examples!
Example
The insurance company provided indemnification for the damages caused by the accident.
Example
The contract included an indemnification clause that protected the company from any legal action.
Example
The government offered indemnification to the victims of the natural disaster.
Example
The tenant received indemnification for the losses incurred due to the landlord's negligence.
indemnification Synonyms and Antonyms
Synonyms for indemnification
Phrases with indemnification
a type of indemnification where one party agrees to protect another from any legal liability or financial loss that may arise from a particular transaction or activity
Example
The contractor agreed to provide hold harmless indemnification to the client in case of any legal issues.
a contractual provision that requires one party to compensate the other for any losses or damages that may arise from the transaction
Example
The agreement included an indemnification clause that protected both parties from any potential losses.
a type of insurance policy that provides protection against financial losses or damages that may arise from a particular event or activity
Example
The company purchased indemnification insurance to protect itself from any potential lawsuits.
Origins of indemnification
from Latin 'indemnus', meaning 'unhurt'
Summary: indemnification in Brief
The term 'indemnification' [ɪnˌdɛmnɪfɪˈkeɪʃən] refers to compensation for harm or loss, or the act of protecting someone by promising to pay for the cost of possible future damage, loss, or injury. It is often used in legal and financial contexts, such as 'The contract included an indemnification clause that protected the company from any legal action.' 'Indemnification' can also be extended into phrases like 'hold harmless indemnification,' which protects one party from legal liability, and 'indemnification insurance,' which provides protection against financial losses.
