A principle of insurance which states that the individual should be restored to the approximate financial position prior to the loss.

The principalâ€(tm)s duty to compensate the agent for liabilities (damages, losses or expenses) which the agent incurs carrying out his/her responsibilities.

A legal concept by which one, either by contractual agreement or pursuant to principles of equity, is legally bound to reimburse another in case of loss arising from a contemplated act.

An agreement that provides for one party to bear the costs, either directly or by reimbursement, for damages or losses incurred by a second party.

Used in insurance policy agreements as to compensation for damage or loss. In the context of corporate governance, Director Indemnification uses the bylaws and/or charter to indemnify officers and directors from certain legal expenses and judgements resulting from lawsuits pertaining to their conduct.

The practice of compensating an insured for losses sustained.

Protection or reimbursement against damage or loss. The indemnified party is protected against liabilities or penalties from that party's actions; the indemnifying party provides the protection or reimbursement.

To save harmless, secure against any loss or damage, compensate or give security for reimbursement for loss or damage incurred. A home owner should negotiate for inclusion of an indemnification provision in a contract with a general contractor or for a separate indemnity agreement protecting the home owner from harm, loss or damage caused by actions or omissions of the general (and all sub) contractor.

An agreement by one party to pay certain specified losses or damages incurred by another party. Synonymous with hold-harmless. See anti-indemnification statutes and RCW 4.24.115.

The guaranteed of protection from claim by one party to another. Photographers on Gekko Images indemnify Gekko from any 3rd party claim.

a sum of money paid in compensation for loss or injury

an act of compensation for actual loss or damage or for trouble and annoyance

an agreement to cover the liability resulting from the actions of a third person

A principal 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. An insurance company can indemnify an individual through the replacement, or repair or payment of value of a loss. Not to be confused with legal damages, which frequently go beyond indemnity.

The complete or partial compensation to the victim of a loss by payment, replacement or repair.

The act of securing against damage, loss, or injury. A legal exemption from liability for damages.

Guarantees a second party repayment in the event of a loss or judgment against the first party.

indemnification is the act to protect against or keep free from loss or damage .

The actual payment being made on a claim. The process of making a payment against a claim by an insurance company.

An agreement that protects a party from loss by transferring the responsibilities to a third party. The state of Maine indemnifies the holder, protecting the holder from liability, and assumes the responsibility to return the property to the owner.

Putting the policyholder back in the same financial condition as before a loss occurred

is a method of shifting legal liability from one party to another by contract.

A clause in a master lease agreement that requires the lessee to indemnify lessors against any and all claims, suits, actions, damages, liabilities, expenses, costs, including attorney fees, whether or not suit is instituted, arising out of or incurred in connection with the equipment.

The obligation of one person to make good any loss or damage that another has incurred or may incur by acting at the request or benefit of the requesting party. For example, an agreement by a corporation to represent and pay the expenses of officers or directors who are named as individual defendants in litigation relating to actions performed on behalf of the corporation.

When insurance policies are written on an "indemnification" basis, the insurance company will reimburse the insured for claim costs already paid. Technically, the insured must not only suffer a loss, but must also pay the loss before being reimbursed (indemnified) by the company.

Indemnification is an agreement whereby one party guarantees to protect a second party from a defined risk - A party accepts the liability to protect another for acts against it.

To agree not to blame or sue and to protect someone from lawsuits arising from your relationship with him/her.(empty)(empty)

compensation for damage, loss, or injury suffered.

The act of holding another party harmless for any claims that are brought against that party.

The agreement by one party to secure another party against an anticipated loss, or the compensation given to such other party after a loss is sustained.

Compensation for a loss and/or the expenses incurred.

An agreement to compensate securities lending clients for damage or loss. Global custodians may offer to indemnify a lender against several types of risk, including broker/dealer default, market risk on the difference between the value of the securities out on loan and the value of the underlying collateral; or reinvestment risk associated with cash collateral. Contingent liabilities associated with indemnified contracts impose additional capital requirements for the agent bank or custodian.

The practice by which corporations pay expenses of officers or directors who are named as defendants in litigation relating to corporate affairs. Note that directors and officers may also be paid for the expenses they incurred in the process of forming the corporation.

Financial protection provided by a corporation or an individual or entity to its directors, officers, employees, et al, against expenses and liabilities incurred by them in lawsuits alleging that they breached some duty in their service to or on behalf of the corporation, entity, or individuals).

An agreement that protects the holder from loss by transferring the legal responsibilities to a third party (the State).

The protection of officers, directors and selected agents of the company. By indemnification, the company will pay the expenses and costs of officers, directors or agents and will also pay any judgments or claims successfully made against them. In many states indemnification is not permitted for claims arising from conflict of interest, self dealing or fraud. Indemnification should not be confused with Errors and Omissions coverage, which is a form of insurance policy. Costs of indemnification are paid from the corporation's assets.

Financial protection provided by a corporation to its directors, officers, and employees against expenses and liabilities incurred by them in lawsuits alleging that they breached some duty in their service to or on behalf of the corporation. See also: Limited Personal Liability

To secure against hurt, loss, or damage (esp. by means of an insurance policy). (Instrument, Article V, Section 6)

The act of guaranteeing another repayment in the event of a loss.

Typically provided in a company's charter or bylaws, assuring directors that expenses associated with defending against lawsuits will be paid by the company, assuming that the directors have successfully defended themselves on the basis of merit; reimbursement may be a problem prior to conclusion of a protracted lawsuit.

where one person agrees to hold another person harmless from loss or payment of an obligation

Compensation for claims, losses, damages and liabilities that may be incurred as a result of licensing or re-use.

A promise to compensate for loss or damage sustained as a result of a stated set of circumstances.

An expressed or implied contract by which corporation pay expenses of its directors, officers, and employees who are named as defendants in lawsuits alleging that they offended some duty in their service to or on behalf of the corporation. Note that directors and officers may also be paid for the expenses they incurred in the process of forming the corporation.

The act of holding another harmless in the event of a loss.

Compensation to the victim of a loss, in whole or in part, by payment, repair, or replacement.