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 ?
It states: "A board of education will save harmless and protect all teachers from financial loss arising out of any suit or judgment by reason of alleged negligence or other act resulting in accidental bodily injury of accidental damage to property of any person within or outside the school building, provided such teacher, at the time of the accident or injury, was acting in the discharge of their duties within the scope of their employment." Section 3023, however, will not hold teachers harmless if they intentionally hurt students.