Idaho Ratification and approval of directors and officers insurance indemnity fund with copy of agreement
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How to fill out Ratification And Approval Of Directors And Officers Insurance Indemnity Fund With Copy Of Agreement?
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FAQ
There are two parties in an indemnity relationship ? an indemnitor and an indemnitee. An indemnitor gives indemnity while the indemnitee receives indemnity. When a duty to indemnify is triggered, the indemnitor undertakes the obligation to cover the loss or damage that has been or might be incurred by the indemnitee.
For example, in a surety bond agreement, the indemnitor is typically the party that provides the financial backing and assumes responsibility for any losses that may occur if the bonded party fails to fulfill their contractual obligations.
An indemnitor is a party who agrees to indemnify certain losses for another party. In doing so, they are legally required to compensate them when these losses are incurred. Insurance companies assume the role of the indemnitor in insurance contracts, agreeing to compensate the insured for specific losses.
The indemnitor, also called the indemnifier, or indemnifying party, is the person who is obligated to hold harmless the other party for its conduct, or another person's conduct.
A D&O policy protects a director or officer's assets and reimburses them for settlements and legal expenses resulting from such litigation and cases. The purpose of professional indemnity insurance is to protect professionals against claims resulting from mistakes or omissions they have made.
Indemnity Agreement: Although similar to a hold harmless agreement, an indemnity agreement is an arrangement whereby one party agrees to pay the other party for any damages regardless of who is at fault.
An indemnity agreement has two parties: Indemnitor: The party that holds another harmless in a contract. Indemnitee: The party that is protected by the indemnitor against liabilities.
Insurance ? The indemnification agreement typically will require that the company provide D&O liability insurance that protects the indemnitee to the same extent as the most favorably insured of the company's and its affiliates' current directors and officers.