it is legal philosophy upon which the concept of most insurance policies rests. Strictly speaking, indemnity is protection from loss and damage claims filed by another person.
Professional indemnity, or liability, insurance is a kind of insurance that helps to protect businesses and professionals who offer advice and services in case they are sued by a client for negligence.
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Indemnity to Principals clause means that the cover is extended to the principal in the event that he/she is sued. This is common for most insurance covers.
Indemnity insurance is compensation for the beneficiaries of the policies for their actual economic losses. This is typically up to the limiting amount of the insurance policy. It generally requires the insured to prove the amount of its loss before it can recover.
A legal obligation to cover a liability, however arising.
Dumbbell Indemnity was created on 1998-03-01.
contact of insurance is an example of indemnity contracts
Indemnity always goes to the credit side.
It means the purpose who was not at fault will be compensated for the damage the at-fault party caused.
Most insurance contracts are indemnity contracts. Indemnity contracts apply to insurances where the loss suffered can be measured in terms of money.
As a result of Bob's indemnity to the bank, he was left with only six dollars.
The principle of indemnity is one of the most important rules in insurance. The principle of subrogation and indemnity protects someone from multiple claims.