An obligation to compensate another for the other’s loss. • The duty arises under the terms of an agreement, which governs the extent of the duty. An insurance policy is fundamentally an indemnification agreement, but the duty is often made a part of other contracts as well.
indemnify (in-dem-n[schwa]-fI), vb. 1. To reimburse (another) for a loss suffered because of a third party’s or one’s own act or default. [Cases: Indemnity 20–84.] 2. To promise to reimburse (another) for such a loss. [Cases: Indemnity 25.] 3. To give (another) security against such a loss. — indemnifiable, adj.
to indemnify and save harmless 赔偿损失并保证无虞 约定承担赔偿责任或设定抵押债务时的用语。
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An agreement to indemnify against loss resulting from a broad group of causes such as legal liability, theft, accident, property damage, and workers’ compensation. • The meaning of casualty insurance has become blurred because of the rapid increase in different types of insurance coverage. Cf. accident insurance. [Cases: Insurance 1008; Workers’ Compensation 1061. C.J.S. Insurance
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hold-harmless agreement. A contract in which one party agrees to indemnify the other. — Also termed save-harmless agreement. See INDEMNITY. [Cases: Indemnity 25–33.]
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An agreement to indemnify against all claims made during a specified period, regardless of when the incidents that gave rise to the claims occurred. — Also termed discovery policy. [Cases: Insurance 2266. C.J.S. Insurance § 430.]
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An agreement to indemnify against injury to a ship, cargo, or profits involved in a certain voyage or for a specific vessel during a fixed period, or to protect other marine interests. [Cases: Insurance 2214–2256. C.J.S. Insurance §§ 394, 400–409, 434, 996–1014, 1195–1229.]
An obligation to indemnify that binds the grantor and the grantor’s heirs.
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An agreement to indemnify a leaseholder for the loss of a favorable lease terminated by damage to the property from a peril covered by the policy. • The amount payable is the difference between the rent and the actual rental value of the property, multiplied by the remaining term of the lease.