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Indemnity Provisions - Dollar Exposure of the Indemnity regarding Tax...

Hennepin Minnesota Indemnity Provisions - Dollar Exposure of the Indemnity regarding Tax and Insurance Considerations

Name: Hennepin Minnesota Indemnity Provisions - Dollar Exposure of the Indemnity regarding Tax and Insurance Considerations
Brand: US Legal Forms
Rating: 4.74 (377 reviews)

Category:

Contracts - Clauses - Indemnification

State:

Multi-State

County:

Hennepin

Control #:

US-ND1011

Format:

Instant download

Description

This form provides boilerplate contract clauses that restrict or limit the dollar exposure of any indemnity under the contract agreement with regards to taxes or insurance considerations.

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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.

Enforcement of Contract of Indemnity A contract of indemnity can be invoked according to its terms like the express promise. Damages, legal costs of judgement, the amount paid under the terms of the agreement are some of the claims which Indemnity holder can include in its claims.

Sometimes a person or a business will compensation another for paying the tax liability of the former. An agreement for this arrangement is called a tax indemnification agreement. As an example, Company #1 compensates Company #2 for the taxes that were levied against Company #2.

Not all insurance policies are based on an indemnity. An indemnity applies to insurance in which the payment to insureds is tied closely to a specific replacement cost, fair-market value, or reimbursement. In cases where it's impossible to calculate such a value, an indemnity does not apply.

Principle of Indemnity states that the insured shall be compensated appropriately for the losses caused to the goods by the insurer, only to the extent that the insurer does not make a profit out of the loss that occurred.

In property insurance, the amount of the indemnity is typically based on the actual cash value of the loss at the time of the loss....Solution: Depreciation = $120,000 × 10/40 = $30,000. Actual Cash Value = $120,000 - $30,000 = $90,000. Amount of Indemnification = $90,000 × 50% = $45,000.

Indemnification is an agreement where your insurer helps cover loss, damage or liability incurred from a covered event. Indemnity is another way of saying your insurer pays for a loss, so you don't have financial damages.

The principle of indemnity states that an insurance policy shall not provide compensation to the policyholder that exceeds their economic loss. This limits the benefit to an amount that is sufficient to restore the policyholder to the same financial state they were in prior to the loss.

Indemnification provisions are generally enforceable. There are certain exceptions however. Indemnifications that require a party to indemnify another party for any claim irrespective of fault ('broad form' or 'no fault' indemnities) generally have been found to violate public policy.

Court will not enforce an indemnification provision that indemnifies an indemnitee for its own negligence unless the intention of the parties is clearly and unambiguously expressed. Courts first look for specific language in the contract that address the fault or negligence of the indemnitee.

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Establish rules, regulations, and standards, for hazardous waste management in Hennepin. County. Executive Director Stark reported that state legislation regarding pooled tax increment funding was approved and shared how the funds could now be used.Section should fill out a speaker's form and give it to the Secretary.

Hennepin Minnesota Indemnity Provisions - Dollar Exposure of the Indemnity regarding Tax and Insurance Considerations

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What is the indemnity provision in insurance policies?

How do you enforce an indemnity provision?

What is a tax indemnification agreement?

Does indemnity apply to all types of insurance?

How the indemnity is applicable in insurance?

How is indemnity calculated?

What does indemnity mean on an insurance policy?

How is the principle of indemnity applicable in insurance?

Are indemnification clauses enforceable?

Do indemnity clauses hold up in court?

Interesting Questions

What is a Hennepin Indemnity provision?

What does indemnification mean?

What is the dollar exposure of the indemnity regarding tax and insurance considerations?

Why is the dollar exposure of the indemnity important?

What are tax considerations in the indemnity provisions?

What are insurance considerations in the indemnity provisions?

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