Colorado Ratification and Approval of Indemnity Agreements
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FAQ
An indemnity agreement is a contract that protects one party of a transaction from the risks or liabilities created by the other party of the transaction. Hold harmless agreement, no-fault agreement, release of liability, or waiver of liability are other terms for an indemnity agreement.?
The rule of indemnity, or the indemnity principle, says that an insurance policy should not confer a benefit that is greater in value than the loss suffered by the insured. Indemnities and insurance both guard against financial losses and aim to restore a party to the financial status held before an event occurred.
What is indemnification? Indemnification, also referred to as indemnity, is an undertaking by one party (the indemnifying party) to compensate the other party (the indemnified party) for certain costs and expenses, typically stemming from third-party claims.
Blinder, Robinson & Co., the Colorado Supreme Court defined an indemnity agreement as ?[a]n agreement by one person to hold another person harmless from such loss or damage as may be specified in the agreement.?19 If ?indemnify? and ?hold harmless? are synonymous, the term ?hold harmless? is unnecessary in an indemnity ...
The obligation to indemnify requires the indemnifying party to: Reimburse the indemnified party for its paid costs and expenses, referred to as losses. Advance payment to the indemnified party for its unpaid costs and expenses, such as: Liabilities.
§ 13-21-111.5. The Colorado anti-indemnity law limits a defendant's liability to ?the degree or percentage of the negligence or fault attributable? to the defendant.
In its most basic sense, an indemnification provision is a clause in which a party agrees to compensate another party for a loss or damage sustained. entities, an indemnification provision in a special district contract is problematic because the provision may create an open-ended obligation on the use of public money.
Colorado's anti-indemnity statute prohibits indemnity provisions that require an indemnitor to pay for damages caused by the indemnitee's own fault or negligence, or that of its agents.