indemnity

[ɪnˈdɛmnɪti]

indemnity Definition

• 1. security or protection against a loss or other financial burden
• 2. compensation for damage or loss sustained
• 3. a legal exemption from liability for damages

Using indemnity: Examples

Take a moment to familiarize yourself with how "indemnity" can be used in various situations through the following examples!

• Example

  The insurance policy provides indemnity against fire and theft.

• Example

  The company offered him an indemnity for the losses he incurred during the project.

• Example

  The contract included an indemnity clause that protected the company from any legal action.

indemnity Synonyms and Antonyms

Synonyms for indemnity

• compensation
• reparation
• remuneration
• redress
• restitution

Antonyms for indemnity

• liability
• responsibility
• accountability

Idioms Using indemnity

• give indemnity to

  to provide security or protection against loss or damage

  Example

  The company gave indemnity to its employees against any legal action taken by customers.

• hold harmless and indemnify

  to protect from any legal liability or financial loss

  Example

  The contract required the contractor to hold harmless and indemnify the company against any damages caused during the construction process.

• indemnity clause

  a section in a contract that provides protection against financial loss or liability

  Example

  The indemnity clause in the lease agreement ensured that the landlord would not be held responsible for any damages caused by the tenant.

Phrases with indemnity

• banker's indemnity

  an agreement between a bank and its customer to protect the customer from any loss due to the bank's negligence or error

  Example

  The banker's indemnity clause in the loan agreement ensured that the borrower would not be held responsible for any errors made by the bank.

• indemnity bond

  a legal document that ensures compensation for any loss or damage caused by the actions of a person or organization

  Example

  The contractor was required to provide an indemnity bond to cover any damages caused during the construction process.

• indemnity insurance

  an insurance policy that provides protection against financial loss or liability

  Example

  The company purchased indemnity insurance to protect itself against any legal claims made by customers.

Origins of indemnity

from Latin 'indemnus', meaning 'unhurt'

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Summary: indemnity in Brief

The term 'indemnity' [ɪnˈdɛmnɪti] refers to protection against financial loss or liability, often provided through compensation or legal exemption. It can be found in contexts like insurance policies, contracts, and agreements, as in 'The contract included an indemnity clause that protected the company from any legal action.' 'Indemnity' extends into phrases like 'banker's indemnity,' and idioms like 'hold harmless and indemnify,' denoting protection from legal liability or financial loss.