indemnity

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indemnity

The insurance company provided an indemnity to cover the storm damage.

Definition
  1. Noun:
    • A sum of money paid in compensation for loss or injury: "Indemnity" refers to a financial payment made to cover a specific loss, damage, or injury.
    • Legal exemption from liability for damages: "Indemnity" can mean a formal security or protection against legal responsibility for future losses or penalties.
    • Protection against future loss: More broadly, "indemnity" signifies a state of being protected or insured against potential harm or financial burden.
Usage Examples
  • Noun:
    • The insurance company paid an indemnity to the homeowner after the fire. (A sum of money as compensation.)
    • The contract included a clause of indemnity for the contractor. (Legal exemption from liability.)
    • He sought indemnity against any legal costs arising from the dispute. (Protection against future loss.)
Advanced Usage

  • "Letter of indemnity": A document guaranteeing compensation for a potential loss, often used in shipping or banking.

    • The bank required a letter of indemnity to release the goods without the original bill of lading.

  • "To hold harmless": A legal phrase synonymous with providing indemnity against liability.

    • The agreement states that Party A will indemnify and hold harmless Party B from any claims.
Variants and Related Words

  • Indemnify (verb): To compensate someone for harm or loss, or to secure against legal responsibility.

    • The company agreed to indemnify its directors against lawsuits.

  • Indemnification (noun): The action of compensating for loss or damage; the process of being indemnified.

    • She received full indemnification for her stolen property.
Synonyms
  • Compensation: Something, typically money, awarded to someone for loss or injury.
  • Reimbursement: Repayment for money spent or lost.
  • Security: Protection or assurance against a contingency.
Related Phrases

  • Indemnity insurance: A type of insurance that protects the policyholder against liabilities or losses.

    • Professional indemnity insurance is essential for consultants.

  • Act of indemnity: A statute passed to exempt persons from legal penalties for specific past acts.

    • Parliament passed an act of indemnity for the soldiers involved.
indemnity

The insurance company provided an indemnity to cover the storm damage.

Noun
  1. a sum of money paid in compensation for loss or injury
  2. legal exemption from liability for damages
  3. protection against future loss

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