(law) The right of an injured party to shift the loss onto the party responsible for the loss.
(insurance) A principle of insurance which provides that when a loss occurs, the insured should be restored to the approximate financial condition occupied before the loss occurred, no better, no worse.
“The money, he said, was an indemnity from the Argentine government for jailing him during the last military regime.”
“Protection and indemnity insurance protects against third parties and environmental damage.”
“The difference, however, is that the risk has not been excluded from the policy and therefore, we have always been providing an indemnity in respect of legal liability for such claims.”
indemnification
The act or process of indemnifying, preserving, or securing against loss, damage, or penalty.
“An indemnitor shall not be liable to indemnify an indemnitee on account of any settlement of any claim, suit or action effected without the consent of such indemnitor.”
“Perhaps there are clashing interests between the indemnitor and the indemnitee.”
“The agreement obligates the company to indemnify the indemnitee for legal actions brought against him or her.”