Indemnity

21 February 2024

What is Indemnity? Definition, Word History, Phrases, Types, Example Sentences, Synonyms, Antonyms. Indemnity Meaning in English, Hindi, Urdu, Tamil, Marathi? fendiharis.com – ( Date. July 21, 2023 08:19:01 )

Definition of Indemnity

Indemnity is a legal term that refers to a contractual obligation or an arrangement in which one party provides compensation or financial protection to another party for potential losses, damages, liabilities, or expenses incurred due to specified events or actions. In essence, it is a form of security or insurance against potential risks.

Word History of Indemnity

The word “indemnity” has its roots in the Latin word “indemnis,” which means “unhurt” or “without loss.” The concept of indemnity can be traced back to ancient legal practices, where it was used to ensure protection against financial harm resulting from various situations.

Meaning of Indemnity

Indemnity meaning in english and other languages:

Indemnity Meaning in English:

In English, “indemnity” refers to a legal agreement or arrangement wherein one party compensates or promises to compensate another for any losses, damages, or liabilities that may arise in the future.

Indemnity Meaning in Hindi:

In Hindi, “indemnity” is translated as “रिपायी,” which conveys the idea of providing compensation or assurance against loss.

Indemnity Meaning in Urdu:

In Urdu, “indemnity” is rendered as “تلافی,” representing the concept of compensation or reparation.

Indemnity Meaning in Tamil:

In Tamil, “indemnity” can be expressed as “கவணைப்படுத்தல்,” signifying the act of securing against loss or damage.

Indemnity Meaning in Marathi:

In Marathi, “indemnity” can be articulated as “प्रतिपूर्ती,” which denotes providing reimbursement or compensation.

Translations indemnity

Interpretations of Indemnity

Interpretations of indemnity can vary depending on the specific legal context and the terms outlined in the agreement. Generally, it involves protecting one party from financial losses due to certain events or actions.

Types of Indemnity:

1. Contractual Indemnity: A legally binding agreement between parties that defines the scope of compensation in case of specified events or breaches.
2. Tort Indemnity: Compensation provided to protect a person or entity from the consequences of unintentional harm or injury caused to another party.
3. Equitable Indemnity: Remedies provided by a court to distribute losses fairly among parties in certain circumstances.
4. Partial Indemnity: Compensation covering only a portion of the losses incurred.
5. General Indemnity: Broad protection against various types of losses and liabilities.
6. Special Indemnity: Specific protection for particular risks or situations.

Indemnity Types

Phrases of Indemnity:

• Letter of Indemnity.
• Indemnity Bond.
• Indemnity Agreement.
• Legal Indemnity.
• Indemnity Clause.
• Indemnity Insurance.
• Advance Indemnity.
• Indemnity Cover
• Indemnity Hold Harmless Clause.
• Tax Indemnity.

Example Sentences of Indemnity:

1. The contractor provided an indemnity clause in the agreement, assuring compensation for any damages caused during construction.
2. The insurance policy offered full indemnity against fire, theft, and natural disasters.
3. The manufacturer issued a letter of indemnity to the distributor, promising to cover any product defects and resulting liabilities.
4. The company requested an indemnity bond from the supplier to safeguard against potential financial losses.
5. The tenant had to sign a legal indemnity agreement with the landlord to protect against property damages.
6. The bank required an advance indemnity from the borrower before approving the loan.
7. The merger agreement included a tax indemnity provision to address potential tax-related issues.
8. The hospital’s liability insurance provided indemnity for medical malpractice claims.
9. The contractor sought indemnity cover to shield against unforeseen accidents on the construction site.
10. The partnership agreement included a hold harmless clause to offer mutual indemnity between the partners.

Synonyms or Similar words of Indemnity:

• Compensation.
• Reimbursement.
• Reparation.
• Restitution.
• Remuneration.
• Security.
• Protection.

Antonyms or Opposite words of Indemnity:

• Liability.
• Loss.
• Harm.
• Damage.
• Expense.
• Vulnerability.
• Risk.

What is Indemnity?

Indemnity is a legal arrangement or agreement in which one party provides compensation or financial protection to another party for potential losses, damages, liabilities, or expenses that may arise due to specified events or actions. It is a form of security or insurance against potential risks, ensuring that the party being indemnified will not suffer financial harm in the specified situations.