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The term indemnity insurance refers to an insurance policy that compensates an insured party for certain unexpected damages or losses up to a certain limitusually the amount of the loss itself. Insurance companies provide coverage in exchange for premiums paid by the insured parties.
In its simplest form, indemnity means that one party in the contract is responsible for compensating another for loss, damages, and/or injury incurred as a result of that party's actions. In other words, indemnity provides a form of protection against a financial liability.
Indemnity insurance is a type of insurance policy where the insurance company guarantees compensation for losses or damages sustained by a policyholder. Indemnity insurance is designed to protect professionals and business owners when found to be at fault for a specific event such as misjudgment.
Indemnity is compensation paid by one party to another to cover damages, injury or losses.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.
An indemnity is a promise by one party to compensate another for the loss suffered as a consequence of a specific event, called the 'trigger event'. The trigger event can be anything defined by the parties, including: a breach of contract. a party's fault or negligence. a specific action.
What is an Indemnity Plan? Indemnity plans allow you to direct your own health care and visit almost any doctor or hospital you like. The insurance company then pays a set portion of your total charges. Indemnity plans are also referred to as "fee-for-service" plans.
Specific Indemnities means the indemnities set out in sub-clauses 8.1 and 8.2 (Covenant by the Sellers in respect of certain matters), sub-clause 15.5 (Excluded Company Assets, Excluded Company Contracts and Excluded Company Liabilities) and sub-clause 16.1 (Excluded Asset Sellers Liabilities);