What's an example of indemnity?

A common example of indemnification happens with reagrd to insurance transactions. This often happens when an insurance company, as part of an individual's insurance policy, agrees to indemnify the insured person for losses that the insured person incurred as the result of accident or property damage.

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Indemnity Provisions - Scope of the Indemnity

Bexar Texas Indemnity Provisions - Scope of the Indemnity

Name: Bexar Texas Indemnity Provisions - Scope of the Indemnity
Brand: US Legal Forms
Rating: 4.84 (205 reviews)

Category:

Contracts - Clauses - Indemnification

State:

Multi-State

County:

Bexar

Control #:

US-ND1008

Format:

Instant download

Description

This form provides boilerplate contract clauses that outline the scope of any indemnity under the contract agreement. Different language options are included to suit individual needs and circumstances.

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FAQ

Contractual Liability Coverage The indemnity provision is the key to affording liability coverage to persons other than the insured. Absent an indemnity provision, coverage is available only to those named as insureds under the liability policy.

An indemnification provision allocates the risk and expense in the event of a breach, default, or misconduct by one of the parties. By Jennifer Paley. An indemnification provision, also known as a hold harmless provision, is a clause used in contracts to shift potential costs from one party to the other.

Just as a limit of liability would not restrict an obligation to develop software or any other obligation to perform it does not restrict obligations to perform an indemnity.

A common example of indemnification happens with reagrd to insurance transactions. This often happens when an insurance company, as part of an individual's insurance policy, agrees to indemnify the insured person for losses that the insured person incurred as the result of accident or property damage.

Scope of Indemnity In commercial Contracts the indemnity clauses are drafted in a wide manner in order to include the third parties by whose conduct, action or negligence any loss or anticipated circumstances might occur, which are beyond the ordinary circumstances of breach actionable under common law.

Definition of indemnity 1a : security against hurt, loss, or damage. b : exemption from incurred penalties or liabilities.

What Is Indemnity? In an insurance context, an indemnity refers to a contractual obligation for one party to provide compensation in the event of losses on the part of another party.

If you are giving the indemnity, you will try to limit its scope by: Narrowing the scope of your liability to the extent of your control (ability to prevent the resulting harm). For example, if the harm was caused because someone else misused or altered the widget, you should not be responsible.

Indemnities are broad promises that you give the other party to compensate for losses or damages. Alternatively, the other party can give you an indemnity.

You should look to limit indemnification clauses by narrowing their scope, putting in caps on damages, and clearly defining the indemnifiable acts (i.e. the representations and warranties in the example above). Also consider purchasing insurance as a means to limit your financial risk.

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Not be complete to entitle the insured to coverage. In the Hays County Courthouse, Room 301, San Marcos, Texas.About Texas Laws Cps In . Is sponsoring 3 training events for CPS (Certified Peer Specialist) Certification in 2019!

Bexar Texas Indemnity Provisions - Scope of the Indemnity

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