What is an example of indemnification?

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.

What is the purpose of an indemnity clause in a contract?

An indemnification clause may allow: The indemnified party to recover certain types of losses, such as attorney's fees, which are not typically recoverable under a common law cause of action. The indemnifying party to reduce its liability by incorporating: Liability cap.

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Indemnity Provisions - Means of Securing the Payment of the Indemnity

King Washington Indemnity Provisions - Means of Securing the Payment of the Indemnity

Name: King Washington Indemnity Provisions - Means of Securing the Payment of the Indemnity
Brand: US Legal Forms
Rating: 4.85 (245 reviews)

Category:

Contracts - Clauses - Indemnification

State:

Multi-State

County:

King

Control #:

US-ND1014

Format:

Instant download

Description

This form provides boilerplate contract clauses that outline means of securing the funds for payment of any indemnity, including use of an escrow fund or set-offs.

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To indemnify means to compensate someone for his/her harm or loss. In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.

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

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.

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.

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.

Indemnity Payments (1) The losses paid or expected to be paid directly to an insured by an insurer for first-party (e.g., property) coverages or on behalf of an insured for third-party (e.g., liability) coverages. (2) Payments made by the indemnitor under a hold harmless clause on behalf of the indemnitee.

An indemnification clause may allow: The indemnified party to recover certain types of losses, such as attorney's fees, which are not typically recoverable under a common law cause of action. The indemnifying party to reduce its liability by incorporating: Liability cap.

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.

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In addition to contractual indemnity clauses, contract will often include insurance clauses. When an indemnity clause appears in a contract, it's standalone contractual promise which gives rise to the claim., American Security. (AMBAC Indemnity Insured). A patient has the right to be dealt with anonymously, provided that this is lawful and practical. The requirements for dependency and indemnity compensation benefits under the provisions of 38 U.S.C. 418 have not been met. Cigna, a global health service company, offers health, pharmacy, dental, supplemental insurance and Medicare plans to individuals, families, and businesses. Welcome to the Hong Kong Institute of Certified Public Accountants (HKICPA) members' area for International Standards.

If your business is incorporated in Hong Kong, you may have had your board of directors appointed by HKI or another Chinese authority, but HKI may still have an influence on your board structure in other respects. If you have corporate clients, it is generally recommended that you notify your board of directors and the shareholders prior to arranging board meetings in accordance with the rules to ensure that there is full representation. Hong Kong is a self-governing Special Administrative Region of the People's Republic of China (PRC) and is therefore governed separately, apart from the PRC regulations. The laws in Hong Kong, except in relation to criminal matters, closely follow those on the mainland of China. See the Hong Kong International Financial Reporting Standards, published by the Hong Kong Institute of Certified Public Accountants (HKI) and endorsed by the World Bank Group, and the US Internal Revenue Code, for further guidance on Hong Kong law.

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King Washington Indemnity Provisions - Means of Securing the Payment of the Indemnity

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