indemnity

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in·dem·ni·ty

(in-dem'ni-tē)
The agreement between an insurance company or other financial entity to underwrite the expenses incurred by a policyholder for covered services.
References in periodicals archive ?
The court found this fact did not necessarily answer the question of whether the employee's injuries arose in the performance of work within the contemplation of the indemnity clause.
Unfortunately, for the operator, the court held that the service contract's indemnity clause was triggered only after the operator exhausted its contractually mandated insurance policy--the $500,000.
Having said that, employers would also be ill-advised to insert an indemnity clause that is arbitrarily limited, depriving it of all practical use to the employee.
present Indemnity Clause is therefore broad enough to encompass
This remedy shares the same defect as the reciprocal indemnity clause, in that the parties don't know who owes indemnity to whom until the end of the case, after the horse has left the proverbial barn.
Speaking at the court on Friday for the first of the hearings, Tata Motors counsel Samaraditya Pal said: "In 2007 Tata Motors entered an agreement with West Bengal Industrial Corporation (WBIDC) [which] had agreed to an indemnity clause for any loss incurred by the company, and the state should honour its agreements.
The Panel rejected Shakhtar s claim for EUR 25,000,000 because the Panel viewed that the clause in the contract containing this figure was not an indemnity clause but rather a transfer clause.
If an indemnity clause contains offending language, some states will construe the contract to eliminate that part of the provision but otherwise enforce the indemnity.
Legally, this security is commonly provided through an indemnity clause, naming the contracting party as "additional insured" on the promisor's insurance policy and a requirement that a certificate of insurance be provided before the tenant can take possession or an owner will issue a notice to proceed.
120) The Westpac indemnity clause is designed to protect the bank from liabilities to third parties, which may include governments and/or private parties, in circumstances where the bank becomes embroiled in a money laundering or sanctions scandal because of its customer's financial activities.
He insisted an indemnity clause in the controversial 2002 compensation deal struck between the Government and 18 religious orders did not mean rapists and abusers could not be prosecuted.