Does indemnify mean reimburse?

Black's Law Dictionary says that indemnify means both To reimburse (another) for a loss suffered because of a third party's or one's own act or default and To promise to reimburse (another) for such a loss. So indemnify can be used in both language of obligation (Acme shall indemnify Widgetco) and language of

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Indemnity Provisions - Means of Securing the Payment of the Indemnity

Palm Beach Florida Indemnity Provisions - Means of Securing the Payment of the Indemnity

Name: Palm Beach Florida 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:

Palm Beach

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.

Agreement Cancellation by Customer

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How to fill out Palm Beach Florida Indemnity Provisions - Means Of Securing The Payment Of The Indemnity?

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The principle of indemnity ensures that an insurance contract protects you from and compensates you for any damage, loss, or injury. The purpose of an insurance contract is to make you "whole" in the event of a loss, not to allow you to make a profit.

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.

Definition of indemnity 1a : security against hurt, loss, or damage. b : exemption from incurred penalties or liabilities. 2a : indemnification sense 1. b : something that indemnifies. 3 : fee-for-service usually used attributively an indemnity plan.

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.

Indemnity is a contractual agreement between two parties. In this arrangement, one party agrees to pay for potential losses or damages caused by another party.

An example of an indemnity would be an insurance contract, where the insurer agrees to compensate for any damages that the entity protected by the insurer experiences.

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.

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.

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.

Black's Law Dictionary says that indemnify means both To reimburse (another) for a loss suffered because of a third party's or one's own act or default and To promise to reimburse (another) for such a loss. So indemnify can be used in both language of obligation (Acme shall indemnify Widgetco) and language of

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The agreement entered into between Plaintiff and Defendant was entered into pursuant to a contract, and the parties are subject at all times to the terms of the contract. The contract specifically provides as follows: “[I]f it shall appear that the Company has engaged in willful or deliberate misconduct or breach of the agreement, the indemnity will be deemed to be waived at the option of the Company, and the payment of the indemnity will be governed by this subparagraph [section 2]. If the Company, in its sole discretion, shall elect not to enforce any provision of this paragraph, then such liability, which at the option of the Company, may be deemed to have been discharged, shall immediately be extinguished. Such termination of liability shall not impair the Company's payment in full in the case of any claim of indemnity.

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The materials in this section are taken from public sources. We disclaim all representations or any warranties, express or implied, as to the accuracy, authenticity, reliability, accessibility, adequacy, or completeness of any data in this paragraph. Nevertheless, we make every effort to cite public sources deemed reliable and trustworthy.

Palm Beach Florida Indemnity Provisions - Means of Securing the Payment of the Indemnity

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