The act or process of indemnifying, preserving, or securing against loss, damage, or penalty; reimbursement of loss, damage, or penalty; the state of being indemnified.
A guarantee by an organization to rely on its own resources to pay board members' legal costs for claims that result from board service. Generally referred to in regards to fiscal matters. Part of the Bylaws and serves as a protection statement for board members, trustees, officers, volunteers, or employees.
A promise to compensate for loss or damage sustain... more