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 ?
Double indemnity clause: If you can document that your restaurant experience is like that of the aforementioned movie, this coverage will pay double the expenses claimed.
controlled interpretation of the contract, and that the indemnity clause
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. After examining the other facts, the court concluded that no indemnity was owed and explained as follows:
In the 5th Circuit's view, the policy language alone governed the extent of BP's coverage because the insurance provision in the drilling contract was "separate and independent" from the contract's indemnity clause. And, because the policy language did not limit the insurance to which BP was entitled, the 5th Circuit held that BP's claims were covered.
His motion to merely "note" the officers' report and those of the auditor - with no further action to reinstate the now removed indemnity clause - was carried.
The large, multinational company pushes a service contract onto the small, Alaskan owned and operated company with the simple undertone of: "Hey, you want to do business with us, sign the bottom line." However, buried in these contracts is always an "Indemnity Clause." These clauses are designed to effectively transfer certain third party liabilities (personal injury, property damage, pollution expenses, etc.) away from one party (usually the multi-national) and onto the other party (usually the small Alaskan owned and operated company).
Other clauses like 'indemnity clause' with open liability or without any ceiling on the value of such a liability for covering the loss customers may face in case the project is delayed and, of course, the payment terms need to be verified."
The agreement contained the following indemnity clause: "To the extent that it is lawfully able to do so, [News Group] will pay any reasonable professional (including, without limitation, legal and accounting) costs and expenses properly incurred by [Coulson] after the Termination Date [Feb.
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.