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Indemnity refers to a legal concept where one party agrees to compensate another for any loss or damage incurred. It is often used in insurance and contractual agreements, ensuring that a party is protected from financial liability. Indemnity can cover various risks, including property damage, legal costs, and other liabilities, providing a safeguard against unforeseen events. In essence, it serves to restore the injured party to their original financial position before the loss occurred.
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